because they didn't burn obscene amounts of Money training each LLM and didn't promise half the planet that their business is worth a trillion while not having even operational break even let alone the cost if you include the overhead.

Soft Bank just raised couple of billions in junk bond sale to support open-ai's current operations before the IPO.

it's a crazy situation where on one side the Chinese / open source LLMs are catching up and reducing the token price, on the other hand the current leading labs have spent everything they got, every new model will cost much more and the public market is too shaky to support an IPO.

They will make it, I don't doubt it, but it's a crazy situation.