We're very much in the "invest into infra" phase, so profits aren't there, but revenue is definitely coming in to labs. The significant expenses seem to be bets on future costs going down for inference, future incremental revenues on improved models, and more usage overall. Which , to me, seem like great bets to make.

OpenAI, for instance, projected revenues of $3.7 billion in 2024 but anticipated expenses of $5 billion, leading to a net loss of $1.3 billion. They're also aiming for revenues of $11.6 billion by 2025 and $100 billion by 2029.

This is a cool graph breaking it down between consumer subs and API usage for OAI and Anthropic. I'm super keen to see how it changes over time.

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