So at the moment they claim to be making an operating profit if you exclude:

- Stock-based compensation expenses

- Non-cash charitable contribution expenses

Both seem fairly reasonable to exclude (although it depends how much of the stock compensation is for executives... you can't necessarily pay people with stock forever).

FMost of the loss is non-operating losses, and it all seems to be weird accounting recognition of changes in value of their stock, SAFEs, etc. - just "paper" losses.

So the financial picture looks a lot better than I would have guessed - I suppose because they aren't the ones investing all this capex.

If the stock comp is dominated by early grants running their course, probably ok.

If they have to keep spending to retain and recruit, it’s a problem. I’ve seen companies do this. Years after the pre-ipo grants ran out running a GAAP loss due to employee stock comp. Unable to lower comp (need to stay competitive).

and those charitable contributions probably include a bunch of marketing partnerships and their security work that would be very bad to back away from...