Generative AI darling was on track to pay $99M on compute to generate just $11M in revenues
The massive GPU clusters needed to train Stability AI's popular text-to-image generation model Stable Diffusion are apparently also at least partially responsible for former CEO Emad Mostaque's downfall – because he couldn’t find a way to pay for them.
Stability AI’s infrastructure spending was not matched by revenue or fresh funding. The startup was projected to make just $11 million in sales for the 2023 calendar year. The failing was pinned on Mostaque's inability to devise and execute a viable business plan. The company also failed to land deals with clients including Canva, NightCafe, Tome, and the Singaporean government, which contemplated a custom model, the report asserts.
By late 2023, venture capital outfit Lightspeed had reportedly raised alarm bells expressing its shock after discovering the poor state of Stability's cash flow, which apparently had not previously been disclosed. The VC firm also urged Stability's board to sell the floundering business. But, despite reports the AI developer was shopping around for a buyer, a sale never happened.
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