Thanks for pointing that out. That has been my concern as well. Sure the post says "they make $2.08 for every $1 of compute" but that seems to only be accounting for OPEX. If we start accounting for CAPEX and variations with interest rates things look a lot less rosy. I mean a lot of folks are suspecting Anthropic will get a junk bond rating when it rolls out to public markets.
I definitely get "Community-Adjusted EBIDTA" vibes from that number.
(for those who don't remember WeWork, this was their made-up variant of EBIDTA that they tried to use in their S1 filing before crashing out, here's a random article on it https://privateequitymodels.com/blog/community-adjusted-ebit...)
This appears to be from this weird graph on page 137 of their S-1, "Significant increase in revenue per dollar of compute". It's not really explained well and has very not only WeWork but also Enron and even DotCom ("number of eyeballs on the page") vibes.
It _could_ be the cost of running inference to respond to requests which bring in revenue, however the cost is described as "compute and infrastructure expenses", while revenue is described as "in-period revenue". I don't see these numbers matching anything else in the filing, however I do not claim to go over the entire document.
So to be perfectly honest I'd just ignore this metric completely :)