Comment by rhubarbtree

PMF is such a bullshit term. There’s no precise definition. It’s bs.

The fact is that investment is at a scale so large that current trajectories are nowhere near going to provide ROI.

The model companies are trying to milk every drop of ARR they can before IPOing. That is entirely the current narrative. You can hurt ARR before it churns if your goals are short term.

Anthropic being profitable is laughable. Sure, by some accounting measure that no one seriously uses. But looking at revenue and what they’re raising you can see the true story.

The truth is we need a revolutionary step up in capability to justify capex spend. It’s possible that might come - Opus 4.5 brought one - but failing that we’ll see the bubble pop once the IPO pumping is done.