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Butterfly Network looks overpriced for its Midjourney deal, because the licensing structure caps how much of that vision reaches Butterfly. Midjourney pays $15M upfront plus $10M a year for its ultrasound-on-chip, but chip sales are one-time per scanner and the revenue share ties to hardware, not scans. Even 50,000 scanners might lift revenue only 10–70%, back-loaded. At about 14x trailing sales, with EBITDA losses expected and insiders selling, the vision is option value, not a base case. x.com
