Hugging Face are mysterious. They're the central hub for open-source AI, but they don't seem to have any revenue. This hasn't stopped them raising hundreds of millions of dollars - in fact, their valuation at their most recent raise was an astounding $4.5 billion: https://techcrunch.com/2023/08/24/hugging-face-raises-235m-from-investors-including-salesforce-and-nvidia/

I'm confused, and that's why I need your help, forecasters of Manifold: What is going on over there? Is it all going to fall apart, or will they coast to IPO or acquisition at an even higher valuation? Can valuations like that be justified by non-paying users alone? Who's going to buy them? Will they ever actually make any money?

Wild speculation and rumours in the comments encouraged.