Almost every tech company functions in this manner today.
Modern tech cycle is basically keep operating at a loss to increase userbase. And then one of the 3 scenarios happen. 1. Most obvious, they run out of investor money and make drastic unpopular changes to make profit as seen here. 2. Sell company to an even bigger tech company, who will then most likely kill it too. 3. Become google/meta/etc. themselves, which is the least likely scenario.