As the accountants say, profit is an opinion, but cash flow is a fact.
Like, if these companies are profitable on inference (depends on how you count training expenses I suspect), then they shouldn't need to raise more money.
For reference, Anthropic appear to have raised about $130bn, which is a lot. Assuming that OpenAI have raised about the same.
Even to get a 2x return on this investment they'd need to start making about $50bn per annum (profit, not revenue) for 10 years. That's Google level net income, on a very very different business (google's business is much more capital efficient).
I personally find that very unlikely, but we'll see I guess.
> a detailed analysis of capex spend and amortization
This is kinda irrelevant unless they are making money (which the hyperscalers are, and the pure play model companies are not).