fourmeme flipped pumpfun on daily revenue $1.47m vs sub $1.4m but trades at $554m vs $2.08b. same product different chain. fourmeme gets binance alpha to spot pipeline with 60-70% conversion rate. pumpfun gets solana fatigue and 0.61% graduation rates. one generates $536m annualized at 1x revenue multiple the other $672m at 3x. markets price narratives not math until they don't ...

aster generates $20m daily fees at $3b valuation. hyperliquid generates $1.17m daily at $12.1b valuation. aster makes 17x more money trading at 0.41x revenue multiple vs hyperliquid's 28.4x. either aster reprices to $50b or hyperliquid corrects 75%. probably both. ...

Core Insights - The New England Patriots are selling an 8% stake at a valuation of $9 billion, indicating a strong market position and valuation for the team [1][2] - The revenue multiple for this deal is slightly over 11 times revenue, consistent with previous sales of NFL teams, suggesting a narrowing discount for minority stakes compared to control stakes [2] - The sale involves the issuance of primary shares, meaning the funds raised will enhance the Patriots' balance sheet, providing capital for operations, debt reduction, and investments in Gillette Stadium [3] Financial Performance - The Patriots benefit from the NFL's revenue-sharing model, where approximately two-thirds of revenue is shared equally among teams, decoupling team performance from revenue generation [5] - The team owns Gillette Stadium, allowing them to generate additional revenue from concerts and events, further diversifying their income streams [6] - The Patriots maintain a loyal fan base, with premium ticket prices reaching about $630 for club seats, indicating strong demand despite recent performance challenges [6][7]

pendle generates $106m annualized revenue on $863m market cap. 8x revenue multiple. uniswap trades at 15x. both are infrastructure plays with similar moats. difference is pendle has zero token inflation left, 100% circulating. valuation gap this wide on proven revenue doesn't last ...