Sorry but your whole argument that Anthropic must be burning cash is extremely weak and falls into the same tropes as Zitron.

We can actually get a very good approximation of the gross margin Anthropic sells their models over API by estimating model sizes which is pretty easy with comparible open source models and analysis points to 80-90% margins.

It also make sense for Anthropic to be profitable whilst raising large amounts of capital. This is because we're in a regime where just deploying GPU compute provides a huge upside and also demand for that compute has been relentless. Given that Anthropics best move would be to expand as fast as possible which requires raising capital as otherwise their organic growth would be far to slow.