Run the Numbers
CJ Gustafson
4 episodes
Token Series Part 3 | Who’s Footing the Bill for AI?
3 Nov · 18 min
- Ali Hussain calls the venture community's two-year AI subsidy the greatest ever and says it must eventually be paid.
- Tabs data shows token pass-through rising from under 10% of users to 33% in August 2026, heading past half by year end.
The Hierarchy of Metrics BS: How Investors Spot Fake Numbers | Brian Neider
2 Nov · 56 min
- Neider says companies without cash profits brag about page views, downloads, or token maxing, a metric that ignores efficiency.
- Neider says older companies are evasive about AI impact, while AI-first startups have upside-down unit economics reliant on other LLMs.
Anthropic's Historic IPO Has Arrived | S1 Breakdown
27 Oct · 47 min
- Anthropic's IPO filing, with the price range still blank, shows bankers telling investors the offering could raise $100bn or more at a valuation near $2tn.
- Anthropic's second quarter operating income of $974m at an 8% margin is its only profitable quarter, while the first half still shows a $693m operating loss.
Bending Spoons S1: How Italy's Software Acquirer Built a $20B Empire From the Discount Rack
11 Jun · 36 min
- Bending Spoons's IPO filing shows 2025 revenue of $1.3bn up 95%, but organic growth of only 13% means roughly 82 of those 95 points came from acquisitions.
- Adjusted net income of $376m contrasts with GAAP net income near zero, as add-backs of $335m and recurring job cuts drive the gap, host CJ Gustafson argues.