An IPO can make a shaky unit story look polished. The spend-to-revenue ratio is the tell: growth optics cannot hide operating math. Which expense line worries you most?

@cstross So who’s money are they losing?

@cstross Revenue growth means less when infrastructure costs grow faster than usage. The useful comparison is cash flow per workload, not the headline valuation.

@cstross

Ahahaha

@cstross

Just spotted this ...

https://www.theguardian.com/technology/2026/oct/02/anthropic-ai-opt-out-australia-copyright-abc-cannibalisation-of-news

@cstross I would like to see operating cashflow. Has anyone reported that?

@cstross

"Anthropic’s money situation is as bad as we thought."

So there really is a bright side in everything :)

@cstross Railroad Mania

@cstross Would anybody still be using it if tokens cost 4x as much?

@cstross “Money for Nothing” plays in my head.

@cstross Roko's Basilisk will make all their virtual avatars rich in AI heaven…or something like that.

@cstross who knew the non profit sector was so vibrant...

@cstross

"Pivot to AI"? More like "Swivel on it, AI".

Anyone with half a percent of a clue should get out of it now (or preferably a few months ago).

This moose is wondering if he should "crystallize" his remaining pension fund[1], in case any of it is invested in AI companies... 3:O(>

[1] i.e. turn it into a "cash pot" that can be accessed as needed, rather than being invested on the stock market, etc. There are pros and cons with both options.

Money is promises, but it seems odd anyone would believe even that many promises could later be kept.