Pearl Research Labs reportedly raised $130M from Lightspeed, Ribbit and Square Peg: $55M in equity plus a $75M GPU fund. Its PRL coin is already top-100 at a $628M market cap.

Pearl is a proof-of-work L1 where GPUs mine by multiplying matrices, the core math of AI, instead of burning power on hashes. Overhead on real models is only about 4-5%, so the same work can serve paid AI jobs and secure the chain.

PRL launched in April with no token sale and no VC allocation. Max supply is 2.1B with no halvings. The founders are CS professors at Hebrew University, and the lab already sells AI inference, including a deal with Together AI.

The catch: paid AI jobs aren't running on miners at scale yet, and the raise buys equity, not PRL. By our estimate about 1M new PRL are mined daily, enough to double the circulating supply in a year.

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