Dragonfly Managing Partner: Onchain Pre-IPO Derivatives Show AI Lab Valuations Not Significantly Impacted by "Slowing the Frontier Race"

Dragonfly managing partner Haseeb Qureshi stated that price movements in onchain Pre-IPO derivatives reflect interesting market expectations for AI lab valuations. He noted that Jacob Coxon's earlier pessimistic remarks about AI risk actually pushed related lab valuations higher, arguing that "scaring everyone seems to be good for business."Haseeb said that after Anthropic CEO Dario Amodei proposed "slowing the frontier race," related valuations were not significantly affected, which is not surprising, since reducing the model race means training spending declines, thereby lowering major capital expenditures. However, after David Sacks publicly criticized Dario, Anthropic's valuation was largely unaffected, while OpenAI's valuation declined, and he raised questions about the reason for this.