The IPO filing says they lost $80B in six months, but honestly, it’s not as bad as it sounds. About $72B of that is just accounting costs. The more valuable the company, the more expensive those early-issued convertible bonds (loans that can be converted into stock) become. On paper, it’s recorded as a loss, but it’s not actual cash outflow. Excluding that, the real loss is around $8.7B, while revenue for the first half of the year was $16.3B—compared to just $1.1B during the same period last year. The real killer is the compute power bill: $450B in cloud contracts already signed for the next 7 to 10 years, most of which can’t be canceled. Add in ongoing negotiations, and it could hit $750B. The $8.07B is just a paper tiger; the $750B is the real tiger.