The bigger the raise, the more news and hype, the easier it will be to offload the stock to retail investors. Theres definitely a sweet spot here where I assume the large funds will want retail investors to start picking up the losses instead of them. I don't see this as a long path till IPO like Stripe or SpaceX but I could be wrong

The losses will just get bigger and bigger, and eventually there will be an appetite for retail investors to pick up the tab

The financial industrial complex will make money on transaction fees selling the stock to their clients, institutional or otherwise. They don't need it to actually succeed in the long-term - as it is the clients, people's money, on the line, e.g. incentives aren't aligned properly.

AGI will buy back the company.

At this point I don't think they see it as an investment, but rather as securing a previous investment. They aren't looking for a return on the 6.5B, but rather as a deployment of strategic capital to secure their previous investment.

A large amount of AI funding seem FOMO driven. Companies aren't seeing large returns on AI stuff, they are afraid of being left behind if somebody finds some sort of use for it.

Why couldn’t it IPO? People would certainly invest at this valuation.