“Stability AI was spending about $8 million a month on bills and payroll in October.”
Revenue was $1.2 million in August. Coatue led the round that valued Stability at $1 billion and now wants CEO Emad Mostaque out. Cohere declined to even talk. A billion-dollar valuation on $8 million a month out and about $1 million in was never a valuation. It was a bet that someone bigger would pay to make the problem go away.