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It's funded by companies and organizations supporting it as a permissively licensed open source project. It doesn't have any business model and won't have one. The work will only be done under the condition that it has been funded and past work needs funding to bring it back.
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GrapheneOS already uses MIT licensing for the new components and the existing licenses (mostly Apache 2) for modifications to existing components. Kernel changes will be GPL2 but could be permissively licensed if any is standalone and ends up being worth using outside the kernel.
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There's a huge amount of work in development that will need to be funded in order to be released as part of the project, along with lots of past work that needs to be funded in order to release it under permissive licensing. The model is that all development must be compensated.
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Once someone has paid for it, it doesn't really matter anymore. The maintenance and porting of the code has to be funded too. There's a lot of interest in advancing the project so as long as it's clear that it must be funded companies / organizations are willing to do that.
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