OpenAI is now valued at $500bn though. I doubt the investors are too wrecked yet.
It may be like looking at the early Google and saying they are spending loads on compute and haven't even figured how to monetize search, the investors are doomed.
Google was founded in 1998 and IPOed in 2004. If OpenAI was feeling confident they'd find ways to set up a company and IPO, 9 years after founding. It's all mostly fictional money at this point.
It's not about confidence. OpenAI would be huge on the public markets, but since they can raise plenty of money in the private market there is no reason to deal with that hassle - yet.
It may be like looking at the early Google and saying they are spending loads on compute and haven't even figured how to monetize search, the investors are doomed.