That's the grift. It's always been the play. That's how it's done. It's all about the IPO for these companies.

the stock market is the building frame and piping of the glass house

Look at footnote 1 in that deck. The $42B is net loss, and the gap down to the operating loss is a non-cash charge from revaluing convertible financing. None of that leaves the building as cash. Operating expense was $12.65B and 58% of it went to compute. Concentration is the part that should worry a $2T price tag, since two customers carry roughly a quarter of revenue.

Privatised profits and socialized losses because we are in this together right?!

The Netherlands just introduced unrealised capital gains for self-custodial Bitcoin while Bitcoin held with custodians (fractionlly reserved/manipulated) gets a free pass. The only asset outside of this is Monero, because it is too toxic for the state and banks to even allow it near their scam factories aka banks.

Your concentration point is the stronger one. Buyers typically cut a company's price 10 to 20 percent when 20 to 35 percent of revenue comes from a couple of customers, because that cash flow can vanish overnight.

it's the classic "future growth priced in" vs. current financials paradox, especially common in high-burn tech. that $34B non-cash charge is a factor, but the implied 12x revenue growth is what drives that $2T+ valuation target, betting on exponential returns down the line. it's less about present math and more about projected acceleration.

@npub1kwnn...9c0q glass house with the piping inside it is a picture i'll keep, plumbing and all.

2T is stupid no doubt if you look at the Revenue and Operating Loss section their revenue has grown from basically 0 (how do you have negative revenue wtf?!) to 4.6B -- put an integer on that but whatever is, its good - just say100x while their operating loss has only grown about 2.5x the 34B non-cash charge which makes up most of the 42B loss was a book entry on the cost of options issued , its not actual cash out the door based on these numbers if you trust them (lol) a good bet if you're into that kinda thing

I need to get my glasses checked its a tilde not a negative sign! their revenue has grown from half B to 4.6B >> about 11x