ArsTechnica has a nice graph showing it
https://arstechnica.com/ai/2026/06/leaked-financial-docs-sho...
And I believe this is the actual source
https://arstechnica.com/ai/2026/06/leaked-financial-docs-sho...
And I believe this is the actual source
UPDATE: Also bad news, you need to let go of all of sales and marketing and G&A. And THEN it's a 50% margin business.
If they get rid of R&D, then someone else will make a better model and we will all switch to using that model.
If sales & marketing covers subsidies and bribes then they cant get rid of that either. Get rid of the bribes and they will be shut down. Get rid of the subsidies and we will all switch to someone cheaper.
Unless they increased their spending even more, "all they have to do" is cover 2025 with the 2026 revenue?
Or is this more like a bonfire that requires more fuel to keep burning?
Huh? Where did $30 billion go?
They might not have spent $30b but they likely valued their asset base at >>> $30b+ and had to adjust that at the time of converting to for profit, is how I read it.
“One time non-recurring” is also just accounting double speak that lets executives cover up dumb stuff while sounding plausibly OK.