> “We once again need to raise more capital than we’d imagined. Investors want to back us but, at this scale of capital, need conventional equity and less struc

> “We once again need to raise more capital than we’d imagined. Investors want to back us but, at this scale of capital, need conventional equity and less structural bespokeness.” Translation: They’re ditching the complex “capped-profit” approach so they can raise billions more and still talk about “benefiting humanity.” The nonprofit side remains as PR cover, but the real play is becoming a for-profit PBC that investors recognize. Essentially: “We started out philanthropic, but to fund monstrous GPU clusters and beat rivals, we need standard venture cash. Don’t worry, we’ll keep trumpeting our do-gooder angle so nobody panics about our profit motives.” Literally a wolf in sheep’s clothing. Sam, you can’t serve two masters.