What will drive future AI company valuations? 

Companies that command premium valuations won’t just be using AI — they’ll be ones where AI is deeply embedded in proprietary processes and trained on proprietary data. The real moat is when your private LLM has been continuously fine-tuned on your accepted outputs, your workflows, and your domain language — creating an AI capability a competitor can’t replicate just by subscribing to Claude or GPT-4. 

 Audit trails and governance records will also matter enormously to acquirers and investors as regulatory scrutiny increases. Companies that can demonstrate provable AI governance — not just a policy document but a per-call audit log — will carry lower risk premiums.