[stevenally]

> If we don't even know the ratio between amortized capital expenses and operational costs, outside investor analysis is impossible.

And yet we surely need this data for the IPO? Or are they relying on rule changes on the indexes to force ETFs to buy shares?

[extraextra]

The IPOs are months away, potentially 6 months or more. We're in a volatile macro environment. AI companies have all the incentives to not create higher expectations regarding their financial situation a long time before the IPO. Obviously at IPO they will have to disclose their full financial situation.

The market is super hyped anyway for their IPOs. If they raise investors expectations now and things change until the IPO, investors will be disappointed. It's a lose-lose proposition.

The smart play for any company is to keep their cards close to their chest until close to the IPO time.