Based on current reporting the IPO wouldn’t generate anywhere near enough cash to pay for the bills coming due. Just between those two they have over a trillion $ of commitments coming due that need cash payment. Thats actual dollars they need to pay and neither the IPO nor current cash flows appear to be generating that kind of money to pay these bills when they come due.

It’s a big problem which neither big lab has a great answer for right now.

They can IPO all they want it's not gonna save them from the Chinese labs selling equivalent models at 80% discount

These labs made a bold bet that cost trillions, but those trillions in research are a box of concrete around their feet now