The companies priced highest in AI may be worth the least by the fundamentals. Anthropic built a model it couldn’t sell. OpenAI is carrying an obligation stack it can’t outrun. And SpaceX just made a $60 billion bet that forces a harder question: what is AI worth after the narrative fades?
In this webinar, our expert analysts present their AI Business Quality framework (AIBQ), which scores business quality across the growing AI landscape. They surface their findings and field questions about what it means—not just for the Frontier Five, but for the enterprise software, cybersecurity, defense, and private capital markets built around them.
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Key takeaways
- Why the highest-valued AI companies score lowest on business quality fundamentals
- How the AIBQ framework scores and compares the Frontier Five
- Where allocators and VC investors should concentrate attention over the next six months
Related content
Ranking the AI Giants: A New Framework for the Frontier Five
Mythos: The Model Too Valuable to Sell
SpaceX x Cursor: $60 Billion More Reasons to Question the AI Thesis
OpenAI: The IPO That Cannot Afford to Wait
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Reporter Jacob Robbins covers artificial intelligence and the venture capital ecosystem for PitchBook. Based in Seattle, Jacob is originally from Massachusetts and holds dual degrees in political science and cinema studies from the American University. His work has previously appeared in Air Mail and Business Insider.
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Harrison Rolfes is a senior research analyst, private company coverage at PitchBook, where he spearheads the group’s framework-driven analysis of AI (frontier, infrastructure, and applications) and pre-IPO sectors. Leveraging a background that merges applied mathematics, patent law, and machine learning, he develops proprietary valuation estimates and KPI-driven benchmarks in his core and quarterly reports that help global institutional investors navigate the complexities of late-stage private markets. Prior to joining PitchBook’s Institutional Research Group, Harrison was an investment analyst, CVC at Topcon Healthcare (THINC Ventures) and currently serves as Chair of Venture Partnerships for TCA Venture Group, where he has directed diligence for over 500 companies.
Harrison holds a bachelor’s degree in Applied Mathematics from UC Berkeley, a Juris Doctor in M&A and Patent Law from Chapman University, and a Master’s certificate in AI and Machine Learning from Stanford University. He is also a registered patent agent with the USPTO and holds the Security Industry Essentials license. He is based in PitchBook’s Seattle office. -
Dimitri Zabelin is a senior research analyst specializing in AI and cybersecurity. Prior to PitchBook, he founded Pantheon Insights, a geopolitical risk consultancy that translates macro trends into actionable insights for policymakers and businesses. He previously served as a policy analyst at the World Economic Forum, where he led global data governance initiatives, and as a capital markets analyst at DailyFX/IG Group, applying geopolitical risk analysis across asset classes. His work has been cited in numerous publications, including BBC News, Reuters, Forbes, and The Diplomat.
Dimitri holds a bachelor’s degree in Political Economy and a master’s in Global Political Economy from UC Berkeley, with additional training from the London School of Economics.
