Hippocratic AI has terminated all its international contracts and fired its overseas sales team as revenue falls short of its $3.5 billion valuation and cash burn accelerates. The company’s heavy reliance on a handful of investor-customers has backfired, prompting a last-ditch pivot to analytics while core clients pull back.

• Hippocratic AI fired its entire international sales team and canceled contracts in Europe, the Middle East, and Asia-Pacific after failing to gain traction outside the U.S.
• The company raised a $3.5B Series C in November 2025 despite only $17-20M in annual recurring revenue—a 200x multiple exceeding OpenAI or Nvidia—while burning over $30M a month.
• Its investors (WellSpan, Cincinnati Children's, Universal Health Services) double as its main customers, with 80% of calls coming from a single client, and smaller clients are now leaving or not renewing.
• Insiders see only three paths forward: a dilutive rescue investment, a fire sale of parts of the business, or collapse.