Photo by Steve Johnson on Unsplash What is a “Circular” Deal? If you keep up with tech or finance news, you may have heard the word " circular ” being used to describe a number of recent transactions between major AI and AI-adjacent companies. In a typical circular deal, one company sells a product/service to another, but instead of paying cash, the buyer finances the purchase by giving or promising an equity stake to the seller, resulting in the seller’s own capital effectively helping...