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Mother Mostaque, CEO and founder of open source platform Stability AI, hinted at plans to go public in the next few years at the Cerebral Valley AI conference in San Francisco on Thursday. It also shut down the idea that OpenAI’s competitor and leader in the generative artificial intelligence space would ever achieve stability.
“I think you can’t just do an IPO,” Mostak said in an interview with journalist Eric Neumer. “You have to have amazing revenue, amazing margins, distributions, and so we’ve been doing it… we’ve been 17 months.” He said it would be fair to watch, but added: “I don’t want to give away my arbitrage opportunities.”
The generative intelligence company gained attention after developing Stable Diffusion, an image generation system, along with dance diffusion and open source music development. So, it’s no surprise that Mostaque feels strongly about creating open source standards in the emerging art world.
Mostaque was one of 1,100+ signatories who published an open letter this week calling for more regulation in the AI space, but specifically, “’All AI labs will be immediately paused for at least 6 months.’ His name appeared alongside Elon Musk, Steve Woznick and Tristan Harris.
“OpenAI should be transparent and maybe even managed; what is the governance of Open AI? Nobody knows. What is transparency? It’s completely opaque,” Mostaque said during the panel, defending what some critics see as a petition. Destroyer Or some developer’s attempt to slow down the competition.
The turmoil surrounding the exit, and the pause in innovation, comes as Bloomberg reports that the stable AI business is seeking an estimated $4 billion in funding, compared to a post-fund estimate of $1 billion when it raised capital in October. Coatue and Lightspeed Venture Partners. Mostaque has not commented on the fundraising rumours. Earlier this month, Stability AI acquired imaging tool Init ML.
Despite any moves in the space, Mostaque doesn’t think AI is a bubble, saying “this will be bigger than 5G and self-driving customers.”
“When founders come to me, I say build great products and solve problems… a lot of it is still surface level,” he said.
If you have a juicy tip or lead on happenings in the venture world, you can reach Natasha Mascarenhas on Twitter @nmasc_ or via Signal at +1 925 271 0912. Identity requests will be honored.
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