That's one of the issues with the current valuation: it's unclear to me how many of the 800M MAU will stick to ChatGPT once it monetizes more aggressively, especially if its competitors don't. How many use ChatGPT instead of Claude because the free version offers more? How many will just switch once it doesn't anymore?
OpenAI is already at a 500B valuation; the numbers I could find indicate that this number grew 3x in a year. One can reasonably ask if there's some ceiling or if it can keep on growing indefinitely. Do we expect it to become more valuable than Meta or MSFT? Can they keep raising money at higher valuations? What happens if they can't anymore, given that they seem to rely on this even for their running costs, not even speaking about their investments to remain competitive? Would current investors be fine if the valuation is still 500B in a year, or would they try to exit in a panic sell? Would they panic even if the valuation keeps growing but at a more modest pace?