> If they had a trillion dollars worth of revenue, it wouldn't mean jack shit if they had a trillion + 1 in losses.

I don't understand that argument.

If a company has a trillion dollars in revenue, even if they are losing money hand-over-fist, that still means they have convinced other companies to cough up a trillion dollars for what they are selling. That's a big deal!

The only case that isn't impressive is if they are literally selling dollar bills for 90 cents.

You can argue that Anthropic are subsidizing their tokens all you want, but since as a customer you can't just turn around and sell a token yourself for more than you paid for it that's still not a good argument for dismissing the amount people are willing to spend.