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Working doc on closed valuation 5408. Open questions inline.

Related: internal ICP 3352, confirmed hypothesis 3408.

Cross-section thread: public short-term 354. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.

  • Inference → ICP → customer. Worth a second pass; the inference angle keeps coming back.
  • Model → agent → second-brain. Worth a second pass; the model angle keeps coming back.
  • Data room → runway → moat. Worth a second pass; the data room angle keeps coming back.