It's cheap because everything OpenAI does is subsidized by investors' money. Until that stupid money flows all good! Then either they'll go the way of WeWork, or enshittification will happen to make it possible for them to make the books work. I don't see any other option. Unless Softbank decides it has some 150 Billion to squander on buying them off. There's a lot of head-in-the-sand behavior going on around OpenAI fundamentals and I don't understand exactly why it's not more in the open yet.