A non-cynical take is that Ilya wanted to do research without the pressure of having to release a marketable product and figuring out how to monetize their technology, which is why he left OpenAI.
A very cynical take is that this is an extreme version of 'we plan to spend all money on growth and figure out monetization later' model that many social media companies with a burn rate of billions of $$, but no business model, have used.
He was on the record that their first product will be a safe superintelligence and it won’t do anything else until then, which sounds like they won’t have paid customers until they can figure out how to build a superintelligent model. That’s certainly a lofty goal and a very long term play.
He didn’t promise world peace nor did he claim his work belongs to the humanity. The company is still a for profit corporation.
He is saying he will try to build something head and shoulders above anything else, and he got a billion dollars to do it with no expectation of revenue until his product is ready. The likelihood that he fails is very high, but his backers are willing to bet on that.
A very cynical take is that this is an extreme version of 'we plan to spend all money on growth and figure out monetization later' model that many social media companies with a burn rate of billions of $$, but no business model, have used.