It's definitely true that they've increased their revenue rapidly. But at the same time the 'scaling laws' that the labs were first built around require exponentially-scaling cost (10x flops for a fixed reduction in training loss).

If anything, a better look at the economics is a reason to look forward to one of them IPO-ing. I suspect the labs probably could cut R&D and turn a profit, but that might only work for one generation, until they get superseded by the competition.