alt Hacker NewsI heard someone calling the key metric in Anthropic financial reports EBBT: Earnings Before Bad Things[1] :-)
[1] Where "Bad Things" would be the typical interest, taxes, depreciation, amortisation plus the Anthropic specific employee compensation, LLM training (you know, for the LLM lab), revenue sharing agreements (which is a form of paying for infrastructure), etc.
A recent YouTube video by Patrick Boyle said the same thing. They are only profitable if you ignore all the costs that make them unprofitable such as paying employees and developing A models.