I appreciate someone else here sees this math is way off.

With what seems to be their current revenue, the frontier companies are likely better off than Uber was pre-IPO. The "circular financing" we've seen probably lowers risk relative to external financing, since both parties get aligned incentives.

It's too bad Nvidia keeps getting hammered, they're selling the shovels in a gold rush that'll last for years, and I don't think that's priced in.