Been sorting AI category tokens by revenue this week. $TAO is priced near $5.8B FDV. Revenue on file is about $15M annualized. Subnets are doing infra work, but the FDV comes out to 386x the revenue line. $ICP is priced in the billions too. Revenue attribution is thin, cycles burn to run the compute, no clean dollar figure lands underneath it. Both priced on category thesis. Neither on the revenue. Then KGEN. ~$85M annualized revenue. FDV around $200M. 2.36x. AI Community ships first-person multimodal video into AI lab training pipelines. Contracts route through Humyn Labs. 61.9M verified humans across 60+ countries. Revenue comes from procurement budgets at labs that need the data at scale. One is priced on revenue. The others on a thesis. #Altcoin Season# #AI