By definition, every company raising VC money is losing money. Maybe look at AI projects that aren't VC backed? Lots of open source stuff is also indirectly VC

By definition, every company raising VC money is losing money. Maybe look at AI projects that aren't VC backed? Lots of open source stuff is also indirectly VC funded too, if you trace the money. It's not like they'll lose money forever. Some end up like telcos, just a part of the background. Some end up like FAANG, utilizing an advantage until they become rich and die from complacency. Some end up enshittifying like Twitter/X and Reddit; they hit the brakes hard to cut costs but users still don't leave.