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There is a familiar rhythm to the modern **artificial intelligence startup lifecycle**. First you train a model that can write functional code and pass standardized tests. Then you give access away for practically nothing to capture user attention and build market share. Finally, once your monthly server compute costs start rivaling the budget of a small municipality, you begin looking toward the **public equity markets** to share the financial experience with institutional investors. Right now, Chinese AI developer **DeepSeek** is …