Post by Iliana Portugues

A Cambridge company was worth €459 million in September. Nine months later it was worth €2.29 billion. Not one euro of that re-rating came from European capital. CuspAI designs the materials inside power transformers, battery cathodes, and offshore wind magnets. In June, term sheets were signed to reprice it fivefold, co-led by Jeff Bezos and Kleiner Perkins. The science is in Cambridge. The money is from Menlo Park and Singapore. Every armchair debate about AI valuations is missing the point. This is not an AI story. It is an energy story, filed in the wrong drawer, and Europe is losing it in plain sight. Six-minute read below. The number that made me stop: 347 times revenue. #EnergyTech #DeepTech #AI