Model AECI 95% CI (global)
Claude Opus 5.5 174.78 170.33-180.29
Claude Mythos 5.2 177.12 172.42-182.94
Internal model 178.78 173.75-185.18
Considering the IPO is planned in a week, I doubt they are holding much back.In H1 2026, cost of revenue is $2.3B. That is primarily inference compute, but also includes cost of training models (but not research).
In the same period, R&D was $9.4B. That is primarily spent on compute. That is what they are "holding back" already, in full public view.
This is not a company that is optimizing for OpEx or end user revenue. The only thing relevant to their plans is achieving AGI/ASI first, and controlling enough compute to leverage it to earn the majority of the current economy.
Likewise the singularity. While recursive self-improvement is theoretically trivial (just tweak a random subset of weights like a monkey with a typewriter, eventually you'll get something smarter), the resulting exponential improvement is still very hypothetical and feels unlikely. Unless you're ok with an exponent of 1.000000000000000001.
I agree we will only see it in hindsight, but I think that's always the case with any technology. It seems worse until it's suddenly better. I don't think it matters to argue the exact moment though. For example when did cars become clearly better than horses? No one cares about the exact date.
Now imagine feeling like this, except not just about "AI events" but about everything around you.