Having debt puts them on a schedule, and they can raise massive amounts of money with equity, which is also what the IPO is for, tapping public markets to continue building out. If you believe OAI’s narrative it’s probably a good deal, but any of these companies could be a big deal. It’s hard to say what the industry will look like five years from now, and OAI in particular is reliant on fundraising and selling or swapping equity to stay in business. They owe Oracle $60 billion/yr starting next year. They need to raise that money no matter what.