Codename: LABREV

LABREV settles to the combined total revenue of OpenAI and Anthropic for calendar year 2027 (January 1, 2027 through December 31, 2027), expressed in billions of USD. 'Revenue' means full-year recognized revenue of the consolidated entity owning each company's principal AI business (currently OpenAI Group PBC and Anthropic PBC), explicitly excluding bookings, billings, contracted value, deferred revenue, annualized run-rate ('ARR') figures, forecasts, and targets; run-rate figures are used only in the estimation fallback below. For each company the operator determines a figure from the best available public information at settlement, in this order of precedence: (1) audited financial statements or securities filings (e.g., S-1, F-1, 10-K, annual report) stating full-year 2027 revenue; (2) an official company statement of full-year 2027 revenue; (3) a full-year 2027 revenue figure reported by The Information, Reuters, Bloomberg, the Financial Times, or The Wall Street Journal, attributed to company documents or people with direct knowledge — where credible figures conflict, MNX determines the settlement figure by weighing source directness, recency, and genuine corrections; (4) if no full-year figure is available for a company, the operator estimates its calendar-2027 revenue as the time-weighted average of that company's credibly reported annualized run-rate across 2027, interpolating linearly between reported points (sources as in tier 3, plus the company itself), with January 1 and December 31 endpoint values estimated by MNX from the nearest adjacent reports. Non-calendar fiscal-year figures are calendar-adjusted by operator best estimate. If a company is acquired, merged, or restructured, its figure follows the best available measure of revenue attributable to its AI business, at MNX discretion. Settlement value = OpenAI figure + Anthropic figure, rounded to the nearest tick, and clamped to the market's price bounds (terminal partial settlement at a bound if exceeded). Settlement is expected on the first exchange business day on or after July 1, 2028, or earlier at MNX discretion once tier-1 or tier-2 figures are available for both companies. Settlement reflects information public at settlement time; later restatements do not reopen a completed settlement. MNX may apply reasonable discretion to unforeseen circumstances consistent with the market's intent: measuring the combined true calendar-2027 revenue of the two labs.

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