Targon, subnet 4, recently raised $10.5M Ram Sriram (Google), Tobias Lutke (Shopify) were investors. Targon's subnet commands 2000 GPU's worth $92M. Targon spends NOTHING on these. Rather, $TAO emissions compensates the GPU-donators. This is EXACTLY what Bitcoin does. It pays Bitcoin to those who donate CPU and electricity to the Bitcoin network. (This point is by @jaltucher in the latest TaoPod.)

Additionally: Targon takes ALL revenue and plows it into buying their own subnet token. It does this to make the subnet token more attractive, so that even MORE GPU is attracted to donate to the network. Just like 'when Bitcoin is going up, there's more interest in Bitcoin mining'.