AIAI

AIAI issued substantial equity for a related‑party technology license (25.1 million shares), plus shares for an M42 affiliate investment (16.3 million shares), alongside shares for acquired companies in a direct listing that did not raise primary capital.

The technology services agreement imposes a 3% revenue fee in perpetuity, an unusual top‑line burden that impairs operating leverage. We also note director turnover shortly after listing.

This structure prioritizes growth through share issuance and related‑party arrangements over per‑share value compounding, making discipline and transparency critical before considering long‑term ownership.