1.10 Project Valuation

📌 How did you arrive at a $144M Public Sale FDV? How do you plan to maintain your FDV at this level when vesting and other token emissions worth $136M begin?

1. Understanding Fully Diluted Valuation (FDV)

Fully Diluted Valuation (FDV) refers to the hypothetical market cap of a project if all its tokens were released into circulation at once. It indicates the total potential valuation, considering the complete emission of tokens.

• Our Project’s FDV: ~$150 million (rounded to $144 million for public sale considerations).

1. Comparable Projects with Similar or Higher FDVs

To illustrate that our FDV is reasonable and not inflated, consider the following comparisons:

Crypto Projects (Current FDVs):

Project	Segment	FDV
Render (RNDR)	AI / GPU Compute	~$2 billion
SingularityNET (AGIX)	AI Agents	~$500 million
Akash Network (AKT)	Decentralized Compute	~$800 million
Fetch.ai (FET)	Autonomous AI Agents	~$350 million
Ocean Protocol (OCEAN)	Data & AI	~$250 million
Aleph.im (ALEPH)	Decentralized Compute & Storage	~$100 million

✅ Conclusion: Our project’s FDV of $150 million is well within the market range—moderate and even conservative relative to peers in the AI/Web3 space.

🔵 Non-Crypto AI & Tech Companies (Valuation):

Company	Segment	Valuation
Character.AI	AI Chatbots	~$5 billion
Jasper AI	AI Content Creation	~$1.5 billion
Anthropic	General AI (Claude)	~$10+ billion
Mistral AI	Large Language Models	~$2 billion
Inflection AI	AI Assistant	~$4 billion

✅ Conclusion: Non-crypto AI companies typically command valuations significantly higher than $150 million. Hence, our valuation is modest in comparison to industry benchmarks.

1. Revenue Justification for Our FDV ($150M)

Typical AI company valuation multiples (valuation-to-revenue) range between:

• Conservative scenario (mature AI companies): 10–15x revenue

• Aggressive scenario (high-growth AI startups): 20–50x revenue

Revenue needed to justify $150M FDV:

• 20x multiple (typical for innovative AI startups):

$150M FDV / 20 = $7.5 million annual revenue

• Conservative 10x multiple:

$150M FDV / 10 = $15 million annual revenue

✅ Optimal justified revenue range: $7.5M–$15M per year or above

1. Our Actual Revenue Figures and Growth Projections

Here is our actual revenue data and near-future projections

Year	Revenue
2024	$4 million (actual)
2025	$7 million (projected)
2026	$12 million (projected)

Using typical market multiples:

• 2024 ($4M): 10–30x → justified valuation: $40M–120M (slightly below FDV, justified by rapid growth trajectory)

• 2025 ($7M): 10–25x → justified valuation: $70M–175M (FDV fully justified within 1 year)

• 2026 ($12M): 10–20x → justified valuation: $120M–240M (FDV easily justified and conservative by then)

1. Why Our FDV is Reasonable and Not Inflated (Summary):

✅ Market Validation: Our FDV is in line with or lower than comparable AI/Web3 projects, such as SingularityNET ($500M), Fetch.ai ($350M), and Akash Network ($800M).

✅ Gradual Token Vesting (5-Year Emission Schedule): Tokens will be released gradually over a 5-year period, allowing our operational performance and revenue growth to organically scale and support the valuation, preventing market saturation and downward pressure.

✅ Revenue Growth and Economic Justification: Our revenue growth (from $4M to projected $12M within three years) justifies an FDV of $150M, comfortably within standard AI market multiples (15–20x).

✅ High-Growth Potential: Considering the rapid growth in Web3 and AI sectors, our FDV is not only justified but potentially conservative, given that non-crypto AI startups often command significantly higher valuations.

📌 Final Answer (Structured Response):

We arrived at a Public Sale FDV of approximately $144 million (rounded from our full FDV of $150 million) by aligning our valuation with current market standards for AI-centric crypto and non-crypto companies. Comparable projects such as SingularityNET ($500M FDV), Fetch.ai ($350M FDV), and traditional AI companies like Anthropic ($10B+) demonstrate that our valuation is moderate and grounded in market realities.

Our revenue trajectory further substantiates this valuation. In 2024, our actual revenue was $4 million, with conservative market multiples justifying valuations up to $120 million. By 2025, projected revenues of $7 million comfortably support our FDV at industry-standard multiples (20–25x). Looking further to 2026, a projected $12 million revenue clearly demonstrates our FDV as conservative and sustainable.

Regarding the token emission schedule worth $136 million, tokens will be gradually vested over a 5-year period, providing ample time for our revenues, profitability, and ecosystem utility to scale. This gradual vesting avoids market saturation, ensuring organic absorption by growing demand. Thus, we confidently expect our financial performance, market conditions, and strategic roadmap to sustainably support and even surpass our current FDV.