They got paid. That’s what the money was for. It’s the investors who backed these foundational model companies who will hold the bag as more open source models come along and consume more market share.

I agree, but

> the investors who backed these foundational model companies who will hold the bag

Is awfully bold to assume that private credit is who will be holding the bag here. The IPOs are coming to shift the risk to the index funds & retail. Once insider lock up periods expire, I suspect a massive sell off.