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Cut the crap.

The value of the firm's operating assets = EBIT(1-t) - Reinvestment

You (Anthropic) want that sky-high valuation? Accept reinvestment is part of the equation.

If they decide to stop reinvesting, then they are as good as dead.

Moreover, they clearly are not re-investing cash flows from operations. Why do you think they are continually raising money? Lmao.

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I'm not sure I understand your argument. If you want an exponentially more expensive training run for each iteration, obviously you need to raise investments even if each training run is profitable. Now I'm not saying that's a good idea, or makes sense, but I am saying that "raising money" doesn't disprove neither that each training run makes money, nor that they're re-investing all that money in the next run.

To give a simple example: if each run simply makes a 10% ROI, but you want to spend 2x as much money on the next run, you still need to raise 90% of the previous run's expenses to have enough capital.

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