There’s simply no version of financial reality that values this company at over 1T. Even 780B is extremely generous based on the current financial picture and a very optimistic view of the future.
The AI IPOs are broadly in the same ballpark, and if they IPO at less than the last private valuation (a real possibility absent a perfect setup) that triggers a whole bunch of other messes.
The window to get all these things closed before it all comes crashing down is closing, hence the sudden rush to IPO.