Not to say that this is a good business model, but these numbers don’t tell the whole story. Somebody smarter than me could explain how while the company is operating at a loss, it’s not as bad as $42B, which is mostly the valuation of investor shares going up. More like $8B because it costs more to operate than revenue, however, revenue increase from 2024 to 2025 did outpace operating loss by quite a lot.

Either way, they made about $4.5B in revenue and probably won’t pay taxes on it.