My humble opinion of value for IP only - pre revenue - US $$ (not Australian)

Valuing BrainChip’s IP as a standalone asset (assuming the company were sold purely as an IP play) requires assessing several factors, including:

• Patent Portfolio Strength & Breadth
• Commercial Viability & Licensing Potential
• Market Comparables (IP Sales & Acquisitions)
• Total Addressable Market (TAM) for Neuromorphic AI

1. BrainChip’s IP Portfolio Strength

BrainChip’s core IP is centered around:

• AKIDA™ Neuromorphic Processor – A low-power AI accelerator using event-based processing.
• TENN (Temporal Event-based Neural Networks) – Optimized for always-on AI applications.
• AI Edge Processing Capabilities – Strong positioning in IoT, automotive, industrial, and consumer electronics.

BrainChip holds over 30 patents globally in neuromorphic computing, making it a pioneer in this space. However, neuromorphic computing is still an emerging field, meaning its commercial value is not yet fully realized.

2. Revenue Potential & Licensing Model

• BrainChip’s IP value is closely tied to its licensing revenue model.
• If a company like Qualcomm, Intel, or AMD licensed AKIDA/TENN, BrainChip could generate royalty streams per chip sold.
• Licensing deals typically range from 2–5% of the ASP (average selling price) of a chip.
• If BrainChip were to capture even 1% of the edge AI market, estimated at $80B by 2030, royalties could be in the range of $500M+ annually at scale.

3. Market Comparables – How Similar IP Deals Have Been Valued

Looking at previous semiconductor IP sales and acquisitions provides a benchmark:

Company / IP	Buyer	Valuation	Relevance
Arm Holdings (IP)	Nvidia (attempted)	$40B (deal failed)	Leading AI/CPU licensing model
Movidius (Edge AI)	Intel	$400M	AI edge processing IP
Habana Labs (AI)	Intel	$2B	Deep learning acceleration
MIPS (Processor IP)	Wave Computing	$65M	CPU IP licensing model
Ceva (DSP IP)	N/A (public)	~$800M market cap	AI & signal processing licensing model

Based on this, BrainChip’s IP value alone (excluding product revenue) could be conservatively estimated between $500M–$2B, depending on its market adoption and future licensing agreements.

4. Potential Buyers & Strategic Value

BrainChip’s IP would be most valuable to companies looking to dominate edge AI with ultra-low-power processing:

• Qualcomm – To enhance Snapdragon/Dragonwing with neuromorphic capabilities.
• Intel – To complement its AI accelerator roadmap.
• NVIDIA – To strengthen edge AI efficiency alongside its GPU dominance.
• Apple – To enhance the Neural Engine in iPhones & Apple Silicon.
• Tesla / Automakers – For next-gen autonomous vehicle AI.

If a bidding war occurred, the valuation could push toward the higher end of the estimated range.

5. Estimated Pure IP Value Today

Based on market comparables, licensing potential, and strategic interest, BrainChip’s IP alone could be worth:

• Low Case: ~$500M (limited licensing deals, slow adoption)
• Mid Case: ~$1B (steady licensing, first major integrations)
• High Case: ~$2B+ (if a major player like Qualcomm or NVIDIA commits to integration/licensing)

If a full acquisition were pursued, the deal could price in future growth potential, possibly exceeding $2B–$3B in a competitive buyout scenario.

Conclusion

If BrainChip were sold today as a pure IP play, a fair valuation would likely fall in the $500M to $2B range, depending on market traction and licensing agreements. However, if a major semiconductor company commits to integrating AKIDA/TENN, the valuation could significantly increase, possibly pushing toward $3B+ in a strategic acquisition.

United States dollars $$$ - not Australian.

Cheers. Phil