Selling tokens and building the token machines are both going to be great businesses. I'm confident in more companies that build open models figuring out how to make money. Open models bring attention and attention is a funnel to revenue for many companies today.
Moonshot AI's Kimi has reportedly hit $300 million ARR as of mid-June, with API revenue exceeding 70% of total. A new funding round is underway at $31.5 billion pre-money, per Chinese financial media. Four months ago, the valuation was $10 billion.