Bears allegedly shit in the woods. I've never seen one do it myself.

On one hand you need to consider future growth so the value is high because growth is high.

On the other hand the path to profitability is going to be brutal as they need to compete with Chinese models which are often on par or sometimes better (kling v suno) than the yank models. Often the Chinese models are open source too so that helps consumers, competitors and self hosters.

On the other other hand the us government could just outlaw competition in the us market and create a regional monopoly/ oligopoly for whichever companies it wants.

On the other other other hand (I am an octopus, please don't turn me into calamari, I have a family and friends) early movers in new industries are rarely the ones who make it big. If you invested in MySpace or AOL having seen a vision from the future where social media took over the internet you would be both correct and broke.

TLDR: traditional financial modeling has been thrown out the window years ago for tech companies. SpaceX is basically guaranteed to lose money for IPO buyers if you account for the time value of money. https://futurism.com/space/math-spacex-ipo-virtually-impossible