just for completeness, I think the closer analogue is probably total expenses: $12.48 billion to $34 billion -- roughly 2.7x. But this is still pretty close to what you said, so I don't particularly disagree with the numbers.

I do wonder if this comparison is really meaningful. It looks like if they can grow infinitely, then at some point they should be profitable. However, that's already a somewhat sad story ("in the limit as x->inf, we'll actually _make_ money!"). And there are of course limitations. Anthropic, Google, open models etc are all real competitors, and it seems to me that there will only be one winner. If openAI is losing money faster than the others, then it may not survive long enough to reach that eventual profitability. And finally, the human population is limited. There isn't a true infinity that the pattern can extend to. If we've only reached 10% of the TAM that's fine, but if we're at like 70% (which personally I suspect is about right), then this looks bad.