I thought so on first glance too, but from what I've heard from someone who worked there, it's working software and it makes a lot of money. That's the opposite of a pipe dream, even if far short of AGI.

Is it making real money, or speculative money on the moon shot premise that AGI will rule it all if successful?

I worked at an AI company before, and it was the latter.

My understanding is mostly the latter, but definitely also the former, but it's based off of "I worked there, but our customer list isn't public so I can't tell you who" type statements like you'll see elsewhere.

If I had to guess what it's been actually used for, I'd wager it's money laundering or counter-terrorism type stuff; it's fairly well suited to finding connections between people and entities given a large data-set, and unlike many ML models, it can tell you why it thinks someone is suspicious, which might be needed for justifying further investigation. This is a completely wild-ass guess though so take with a giant grain of salt.

Yes that was the sort of usecase for the AI company I worked at, similar data mining competing with Palantir.