This assumes that we won't need new hardware in ~2 years. I find that unlikely. So they have to make back what they got up until now PLUS the running upgrade/development costs. So what will it be in 5 years? $20t? $30t? It's all getting a bit outlandish.

What I'm often hearing though is the equivalent of "gg ez" when I bring that up. I don't understand how this will at any point blitz scale to profitability. As far as I know they don't have positive cash flow, no one has a moat and I don't think they will push out engineers.