Idk, I'm still sceptical how someone could look at the market right now and conclude that it's suddenly hyperaware of financial metrics.

For whatever reason–maybe it's corporate-structure complexity, maybe it's lawsuits–OpenAI was always at the end of the pack of AI IPOs. If SK Hynix take August and Anthropic September or October, that would mean a 2026 OpenAI IPO would have to (a) coincide with one of those or (b) go to market during an election/post-election fiasco and/or the holidays. The realistic options were July or October, the latter being between a likely Anthropic IPO and the midterms. The timing just doesn't make sense and maybe someone realise that.