Past data is irrelevant given the company is completely changing its strategy moving forward. Their S-1 is very clear, they will be shifting to a capex heavy strategy to build their own compute infrastructure.

Don’t do investment based on a series of heuristics, the actual details are what matters.

Also: Annualized Run Rate isn’t a standard metric. It’s a bullshit metric that doesn’t mean anything without the actual definition the company is using. It’s what startups use to impress gullible investors, not something a serious company relies upon…