Honda announced they were walking away and, IIRC, RB was scrambling to build their own factory and were going to make their own engines, with Black Jack and a hookers!

And that's their 2026 engine, partially paid for by Ford who are allowed to stick their blue oval on it in a branding deal – the marketing blah blah is that it's co-developed by Ford and RB but that completely false. Red Bull set up Red Bull Powertrains, bought Honda's UK hybrid unit development center with all personnel and poached mostly from Mercedes way before Ford was in the picture. RB, Ford, F1TV, and Sky F1 will repeat this lie constantly but the fact is that for the upcoming Ford Hypercar in World Endurance Championship Ford needs Red Bull's help and not the other way around which is why that hypercar is being developed in the UK with the help of Red Bull Advanced Technologies and Red Bull Powertrains (Ford cannot build anything more powerful that the Ford Mustang GT3 and even that needed lots of help from Multimatic).

A few years ago Red Bull successfully lobbied for an engine freeze. That's why Honda could assemble a bunch of new engines without any need to develop it further.