They wasted their first mover advantage by focussing on what amounts to building toys for consumers like Sora instead of actually useful products that go beyond simple chat bots.

I think they are in serious trouble, especially with the size of their cash burn. Their planned IPO could easily turn out to be their WeWork moment where the bottom suddenly falls out on the valuation if they cannot make their operation look more like a real business before investors lose confidence.

What happened to AI accelerated novel materials science and medicine? Meh let’s do TikTok slop instead ?

Agreed. They are pretty close to distress IMO. This cash-injection gets them to where, an IPO? I dunno, people might be spooked by then.

Will be interesting to see.