> Okay so Q3 ARR at $67.8bn versus $46.2bn for Q2, +47% QoQ. Turns out tokenmaxxing's end over the summer slowed revenue growth versus an absolutely torrid 100%+ growth rate in Q1/Q2 but 46% sequential is still eye-popping
> Operating margins (GAAP) went from 8% to -3$, with a -28.5% QoQ incremental operating margin. $SPCX compute coming online is the reason.
> Bottom line after seeing this Q3 update: the basic takeaways from the original S-1 don't change, but fears that they were excluding Q3 because it was a disaster were definitely wrong. Do with this information what you will.
It's also worth noting that Q3 only has one week of Opus 5.5 (9/22 - 9/30) which may have changed the economics for Q4.
> Okay so Q3 ARR at $67.8bn versus $46.2bn for Q2, +47% QoQ. Turns out tokenmaxxing's end over the summer slowed revenue growth versus an absolutely torrid 100%+ growth rate in Q1/Q2 but 46% sequential is still eye-popping
> Operating margins (GAAP) went from 8% to -3$, with a -28.5% QoQ incremental operating margin. $SPCX compute coming online is the reason.
> Bottom line after seeing this Q3 update: the basic takeaways from the original S-1 don't change, but fears that they were excluding Q3 because it was a disaster were definitely wrong. Do with this information what you will.
It's also worth noting that Q3 only has one week of Opus 5.5 (9/22 - 9/30) which may have changed the economics for Q4.