We don’t know what node they’re targeting so this is all speculation but if it’s anything below say 22nm then that’s finFET, and there’s nothing low cost about finFET at prototype volumes.
If it’s not finFET then a non production mask set is much less than $50 million in 2023.
Also, keep in mind maskless lithography has been used commercially for roughly ten years now. And it’s been in Universities for significantly longer.