$ANTX.US went from -249% operating margins in Q1 2025 to +8% in Q2 2026 which works out to ~$1B in quarterly operating profit.
And it managed to do that while spending ~$10B on R&D in just six months because revenue grew ~29x compared to only ~6x growth in compute spending.
And it managed to do that while spending ~$10B on R&D in just six months because revenue grew ~29x compared to only ~6x growth in compute spending.