AI startups trade at 10–50x revenue; SaaS at 3–7x. Pick 4 reasons you'd still pay the AI multiple at seed.

Options

• Winner-take-most market structure
• Revenue growth slope is different
• It's narrative — you'll mark down later
• Platform risk means pay up or miss
• Team quality at AI seed is elite
• You don't — SaaS discipline only
• LPs force you to chase heat
• Option value on model breakthrough
• Margin structure will improve
• FOMO — peer fund set the price
• Only at pre-seed — not after
• Data moat justifies premium
• You'll lose deals if you don't
• Multiples mean nothing at seed
• Defense-style contracts coming