Keep in mind that some of the revenue booked is due to circular deals. AWS for example gives Anthropic "cpu credits" that Anthropic spends on AWS, and AWS books that as revenue. The reverse is true too: Anthropic gives AWS inference credits and Anthropic books that as revenue. When it's really just a pre-existing server sitting there and two companies claiming they made money off it. There are also equity deals going on the same way; they give each other stock, (or one gives the other stock in exchange for GPUs) and both benefit as the stocks get inflated despite there not really being more value.