A big company doesn't speculate $1.2 or $2.4 billion or whatever on unproven technology and contracts. Most of the BRN HC posters are SH and realistically are speculating by buying shares in the company. A few posters are waiting for more positive information before they buy, or buy back in. So they say! Very successful LIC investor Geofff Wilson and his team from WAM and other Wilson LIC companies do not invest until there is a trigger or a catalyst. They hold about 30% cash so can invest whenever, and in the meantime use the money elsewhere whilst waiting. Why wouldn't a big company interested in the AI or chip space likewise wait, and likewise have funds on hand which can be used elsewhere. Why borrow and pay interest on that money if it isn't needed to be borrowed now. Existing large SH are unlikely to sell out at low prices, say $0.40, and a takeover would only be successful at a decent price imo. Say $1 or $2 a share, or say $5 even or more. This premium is unlikely to be lower or higher if they make a speculative offer now, rather than later when their investment decision is based on facts and on a trigger and a viable business with increasing cash flow. Again imo. And if BRN later becomes a large successful company, then the extra cost would just be buying a better asset.
Or, it might be a better business model, and a lot cheaper, for a big company or Cisco or whoever, just to use licences, or buy AKIDA chips to add to their own products. One could buy a heck of a lot of licences or chips for $1b! And anyway, the cost would just be passed on to the end customer. No-one has speculated that a VW would want to takeover BRN for example.
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