[mrtksn]

Subsidized is probably not the correct word here, it's probably more like loss leader in the race of the land grab.

It's like the early days of the internet when everything was amazing and all the people who put money into this thing were "losing" their money.

It's going to be like this until monopolization and moat becomes defensible and then they will enshittify the crap of it and make their money back 10x, 100x etc.