Likely the business plan is multiple seed rounds each at greater principals but lower margins so that the early investors can either sell their shares or wait, at greater risk, for those shares to liquidate. The company never has to make money for the earliest investors to make money so long as sufficient interest is generated for future investors, and AI is a super hype train.

Eventually, on a long enough timeline, all these tech companies with valuations greater than 10 billion eventually make money because they have saturated the market long enough to become unavoidable.