Downtown Josh Brown

2 billion in annualized revenue at the end of 2023.

$25 billion as of February.

That's a 12.5% increase, 12.5 times, excuse me, increase in two years.

The losses are growing just as fast.

The company lost $1.22 for every dollar that they earned in the quarter.

2026 projected gap losses of $26 billion.

Cash burned $25 billion for the year.

Gross margins, 33% in 2025.

That is not what investors are typically putting multiples on stocks like this for.

The good news is the Elon Musk lawsuit is out of the way.

The filing happened two days after the jury dismissed Elon's lawsuit, where he accused them of stealing a charity and turning it into a for-profit company.

He lost.

It came a week after the Anthropic filing.

So this is a race.

One other thing that people are noting is that the Trump administration is extremely IPO friendly.

They want this to happen.

They view this as a wealth creation event and another sign that, you know, the US is the hottest country in the world, blah, blah, blah.

So very, very little doubt about whether or not if they want to do it, they'll be able to do it.

I did make a couple of charts here.

Just put this first one up.