At least Anthropic claims that they are profitable on a per model basis. But since both revenue and training costs are growing exponentially, and they need to pay for model N training today, and only get revenue for model N-1 today, the offset makes it look worse than it is.

Obviously that doesn’t help them turn a profit, until they can stop growing training costs exponentially.

So it’s really a race to see whether growth in revenue or training costs decelerates first.