We always see these headlines and think "is XYZ company actually worth that much?"

Class A stock gets paid out first, so "valuation" here is not what a retail investor would necessarily pay for class C.

Basically, do these people think that they'll get their $11B back? If so, they are ok with a high "valuation" because there is little risk. And with OpenAI's corporate structure, who knows what is actually happening.