As frontier model quality converges, the underwriting question is what protects the business. Four moats: distribution, data feedback loops, capital, and customer integration.
OpenAI scores highest on distribution and data. Anthropic scores highest on enterprise integration and safety positioning. Groq competes on silicon advantage, not model advantage.
The same moat framework applies to Stripe's payments thesis — distribution and customer integration dominate. Stripe and OpenAI are structurally similar from a moat-analysis perspective.
OpenAI Pre-IPO Anthropic Pre-IPO Groq Pre-IPO Stripe Pre-IPO IPO Index Investor Platform AI Infrastructure Landscape Training vs Inference Economics