they’re hemorrhaging money

Are they? This is productive capital being rented out at a profit to the end users. And the end users are, as often as not, big public institutions with near bottomless accounts.

I might argue they are rapidly exhausting scare natural resources. And you're welcome to do the material analysis on whether dumping 50 gal of water and 100 Mbtus of energy through a digital engine to make a "Farting Peach Says It's Voting For The Green Party in 2026!" viral Facebook ad is benefiting humanity.

But merely observing that money is changing hands between big economic players doesn't let us know if something is profitable. You're describing the basic functions of a financial economy.

Anthropic is anxious to do their IPO because they know their business model is fucked

That's the popular line. People said the same thing about Tesla when it went public.