What are you talking about? OpenAI is losing money, projected a $14B loss for 2026 and is themselves not expecting profit until 2029-30. xAI is losing money, about 3B.

Granted, maybe I extrapolated Anthropic's profitable operating result to other companies where it's not yet looking so good.

I believe your $14B OpenAI number is from 2025 though.

Where do you get the idea that Anthropic is profitable from? Is this another one of those “if we remove everything that is a cost, then revenue means profit”-scenarios?

Anyone who counts cost as part of their P&L shouldn't be allowed to make decisions! /s

I believe the technical term is EBBT (Earnings Before Bad Things).

If you ignore equipment and labor, gold mines are pure profit.

The substack linked below only looks into one tiny sliver of the off-sheet circular financing that dwarfs even the most optimistic revenue growth, but it's a good place to start to understand why this is a bubble and that, yes, Anthropic is in fact "losing gigantic amounts of money":

"Boom and bust is not about revenue. To find that kind of risk, start by reading the balance sheet... [The 2008] bust came from off-balance-sheet instruments."

https://kennyfraser.substack.com/p/anthropic-ipo-part-one-wh...

Patrick Boyle goes into a deep dive that's well worth the watch:

https://youtu.be/Ic1Jf7VlXRM?si=DjiP6LVdEykBlWwU