“In 2023, Stability AI reportedly expected revenue of just $11 million, but expected a $99 million bill for computing alone, plus $54 million for wages and other operating expenses.”
Stability AI’s rescue reportedly came with suppliers forgiving $100 million in debt. Sean Parker becomes executive chairman and nobody will say how much went in. The company that struggled to pay its cloud bills now promises four markets and zero product plans. Suppliers ate a nine-figure loss so the new money starts with a cleaner balance sheet.