After investments. Investments they can cut if they need to. Their daily operation is very profitable, they just decided to use that to bring cash in and go on the crazy growing trajectory, instead of taking it slow and steady. But if AI progress suddenly stops, they can just scale investments back and became profitable immediately. Calling them unprofitable is highly misleading. It's not like they are an early venture company still trying to figure out their product-market fit, with totally inflated numbers based merely on a theoretical number of potential customers (while having close to zero paying ones).