Their S-1 says they're not operating at a loss. If they lied in the S-1, they'll go to jail for a decade or more.
They have a lot of cash, but very few assets and a voracious hunger for renting compute.
Don't get me wrong, they make a fantastic model, but the business success is yet to be seen.
Where did you read this? I though it was a confidential filing (but I am open to receiving links to the S-1 that was filed).