Downtown Josh Brown

You can't find anything like that.

They were at an $87 million run rate two years earlier.

So they have a thousand customers spending a million dollars annually, like name a large corporation, they're probably a customer.

Claude Code, they say, crossed a billion in annualized revenue within six months of launch.

They're talking about gross margins of 40%.

Two years ago, it was negative 94%.

So they're already at a crazy level of profitability based on their own numbers.

We don't know if that will be sustainable because they also spent a lot of money.

But having businesses as customers versus individuals, I think, is a very big difference.

I just think it's a cleaner, easier story for institutional investors, although...

That doesn't seem to be stopping any money being raised.

OpenAI raised $120 billion this year already on top of money they raised last year, the year before, the year before that.

So it's, I mean, we're talking about

three, including SpaceX, of the biggest companies ever to go public.

They might be one, two, and three by the time this is over.

And what an incredible moment for the capital markets if these things actually happen and nobody gets killed.

It's really exciting.

I think it's pretty crazy.

Yeah.

Sure.