It is a start-up.

They just got their patents up last year, demanding working hardware seems unreasonable and they have working machines simulated in software.

Plus, I think they mention somewhere their whole long-time plan is to only license the architecture to third-party hardware manufacturers.

I recall somebody asking Ivan about that in a previous talk, and he pointed out that Intel is a much larger company than ARM, so they'd rather manufacture and sell chips, and fall back on licensing the architecture if Plan A didn't work out.

Why is being a big company something to strive for?

Ivan said something in the aforementioned video to the effect of "Last year, Intel's dividend was as much as ARM Holding's entire revenue."

Greed?

What are they going to do? Kickstarter up $3-4 billion for a fab? Seriously?