Frontier-Model and Neocloud Financing, IPO Access and Strategic Interdependence

Frontier-model and neocloud valuations remain far ahead of current earnings, with Anthropic's large compute commitments reinforcing the capital intensity of model competition. Nscale, CoreWeave and Nebius face leverage, customer concentration and refinancing scrutiny, while DeepSeek's reported $1 billion revenue run rate and potential $75 billion valuation test model pricing and competitive assumptions. Venture capital remains heavily concentrated in AI, increasing the importance of independent revenue and margin evidence.