> In what way is SpaceX's volatility an obvious cause?

Let me amend: it's a more-obvious cause given it's pertinent new information in a way Zitron partially leaking financials many institutional investors have already seen is not.

> don't know how to read this and reach any conclusion other than, OpenAI leadership won't accept what financial analysts consider to be a rational valuation of its stock

Neither did SpaceX and, as you say, it's trading above its IPO price and placing tens of billions of dollars of debt.

I think Zitron's analysis was on the balance good, though it didn't say a lot of what folks on here seem to have taken away (e.g., about OpenAI's inference being marginally unprofitable). It seems he's got a bit of a cult of personality around him, which makes me inherently sceptical. But it's a pretty ridiculous reach to claim OpenAI had to delay its IPO because of him versus the much-more visible and talked about thing.