Not disagreeing with you, but noting there are still a lot of companies that raised so much cheap money they can basically run for 200 years, barring investor pressure. Typically they raised at such high valuations they may never achieve a positive investor outcome, but they also will never run out of money.

Inflation alone would likely burn through any of that cash much faster though, and that's assuming investors didn't mind leaving the money parked there and avoided clawing it back or forcing an exit.