I think the point is, that although at least xAI is monetizing their GPUs/datacenters, they are doing so at a REIT/rental multiplier instead of a frontier lab multiplier.

Clearly, xAI thinks this is the best way for them to extract value out of their assets.

Also, it is clear that Google and Anthropic both think they can extract more value out of those assets than they will pay in rent to SpaceX.