https://archive.is/zSyUc

To summarize, they rejected Nvidia's offer because they didn't want one outsized investor who could sway decisions. And "the company was also able to turn down Nvidia due to its stable finances. Hugging Face operates a 'freemium' business model. Three per cent of customers, usually large corporations, pay for additional features such as more storage space and the ability to set up private repositories."

Freemium seems to be working pretty well for them—what’s the alternative website, after all. They seem to command their niche.