If that was genuinely happening here - Anthropic were selling inference for less than the power and data center costs needed to serve those tokens - it would indeed be a very bad sign for their health.

I don't think they're doing that.

Estimates I've seen have their inference margin at ~60% - there's one from Morgan Stanley in this article, for example: https://www.businessinsider.com/amazon-anthropic-billions-cl...

Surely you understand the bet Anthropic is making, and why it's a bit different than selling dollars at a discount

You are saying that you can raise $7b debt at double-digit interest rate. I am doubtful. While $7b is not a big number, the Madoff scam is only ~$70b in total over many years.

you have anthropic confused with something like lovable.

anthropic's unit margins are fine, many lovable-like businesses are not.