Revenue does exist .. showing demand/value. Also, valuation multiple of 25-70x ARR is in that "captn .. the engine is gonna blow up anything sir". Also, given their current design surface, rapid changes to the "core intelligence layer/substrate" & good usage workflow patterns that are still being discovered ... we are probably creating tech debt faster than value. Specs are great .. but we also discover the [stable/actual/valid] spec as we build (and often at the end of the build).