Does that include R&D?

Over time that margin persists only if they maintain their competitive edge, which is not free.

It includes compute and infrastructure for R&D. Then you have to add just over a third of their compute spend for personnel, another expense of that size for sales and marketing, and half that for other admin/ops costs, for an operating loss of 693M. Then a bunch of accounting stuff to end up losing 80B

I'm not sure I'd call it a great result, but it's a promising one. If they can increase demand without significant changes in margin or R&D spending, they are on the path to becoming very profitable

The way I read it, it does. It looks like total revenue vs total compute expenditure.