[k32k]

My feeling is that some event will happen close-to-IPO that spooks investors, that results in OAI not IPO'ing. Remember if there are under-writers involved they will not want to go forward.

Then they will face financial distress, and questions over how they get the funding to continue as a going-concern. The only way that'll happen is via issues of shares at a lower price aka destroying the valuation of OAI compared with today.

Anthropic in comparison will be OK, as they have focused on building a viable business enterprise.