OpenAI closed 6 acquisitions in Q1 2026 alone — nearly matching its entire 2025 total — capped by the Astral dev-tools deal on March 19. Frontier labs are no longer just training models; they're systematically acquiring the application layer, collapsing the traditional exit landscape for AI startups. If your moat isn't acquirer-proof, your only buyers are the same labs that might obsolete you — or no one at all.