Revenue is moat. Ask Amazon. Or Alibaba. Or Temu.

You don't know what Cursor's game plan was. Maybe acquisition was their plan.

Buying at $1 and selling for $0.1 is still viable as long as they have money in the bank, until they achieve their goals. Most startups start out that way. Even giving away their services for free.

Obviously there will be failures. Doesn't mean they have no moat. Can you say a business with 100 customers and $1000 debt is less viable than one with a single customer and no debt?