Dragonfly managing partner Haseeb Qureshi said price moves in on-chain Pre-IPO derivatives point to an unusual set of market expectations around AI lab valuations. He said earlier pessimistic comments on AI risk from Jacob Coxon appeared to push valuations of related labs higher, arguing that scaring people seemed to help the business case rather than hurt it.
Qureshi also said valuation levels did not change much after Anthropic CEO Dario Amodei called for the frontier race to slow down. In his view, that reaction was not surprising, because less intense model competition could mean lower training spending and reduced core capital expenditure.
He added that after David Sacks publicly criticized Amodei, Anthropic’s valuation was largely unchanged, while OpenAI’s valuation declined instead. Qureshi questioned why the two names appeared to diverge in that way, based on the pricing signals from those on-chain derivatives.
Dragonfly managing partner Haseeb Qureshi said moves in on-chain Pre-IPO derivatives pricing point to a pretty revealing market read on AI lab valuations.
He said Jacob Coxon’s earlier pessimistic comments about AI risk actually sent valuations for related labs higher. Strange, but there it is. As he put it, "scaring everyone seems to be good for business."
Qureshi also said valuations did not take a meaningful hit after Anthropic CEO Dario Amodei called for the frontier race to slow down. That did not surprise him. His reasoning: less competition in model development would mean lower training costs and, from there, lower major capital expenditures.
He added that after David Sacks publicly criticized Dario, Anthropic’s valuation was basically unchanged, while OpenAI’s valuation fell. That split, he said, was hard to explain.
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