A $480M “seed” at a $4.5B valuation is extraordinary by any historical standard. It would be interesting to understand what’s being labeled as “seed” here whether this is effectively a late stage round with a seed label, or if there’s something fundamentally different about the company’s capital needs or traction. Metrics like revenue, customers, or defensibility would help ground the valuation discussion. Without that context, it’s hard to tell whether this reflects genuine step-change progress in AI or simply continued capital concentration around a small number of perceived winners.

I wanted what they do. Never mind, it's probably more about the money pumped into hot air...