If you are growing revenue at a high rate then taking profit is a misallocation of resources. That is short-term thinking. It is much better to reinvest in revenue growth.

You can take small profit now or much larger profit later. Insisting that companies need to be profitable even when growing revenue rapidly is failing the marshmallow test.

The point is that the unit economics are way worse because inference is expensive. Cost of goods sold matters, even if you're reinvesting profits.

I guess net isn't the relevant measure, but what are the unit economics? Are they actually making money selling tokens?

> That is short-term thinking.

Then why IPO? Isn't that even shorter term thinking?