Well, it's his estimate of 5 years worth of using WD facilities...

Well, it's his estimate of 5 years worth of using WD facilities and expertise at no cost.  It is an off balance sheet asset that I value at over $20m, considering a Fab costs $10bn.

i would be very surprised and disappointed if we were still talking about takeovers in 12 months.

i have been invested for about 2 years, from the second milestone. In that time the company has hit every single milestone it has set, and now they say they are on track / going better than expected.  They have already begun discussions with memory makers and memory buyers.

This is no FBR with an unproven DST and a massive requirement of capital to fund manufacturing to fulfill WAAS.  (NB Full disclosure I was invested in FBR)

Yes, there are other types of memory, but they have not achieved the holy grail of speed, retention, endurance, yield, energy saving and no need for error correction.  Others have tried, and frankly, they have failed, after much more investment than 4DS.  Otherwise we would not be in the same situation as 30 years ago.