08 / 12 · The leaky token bucket
Where the Dollar Goes
For every dollar of revenue, $1.23 of cost. The cost bar breaks through the chart’s own frame; a normal software company sits beside it for scale.
From the article Cursor: How Four 25-Year-Olds Sold Their Startup to Elon Musk for $60 Billion →
Tap to enlarge SourceSource: The Information, April 2026, quarter ended January 2026, at roughly $2.7B annualised revenue · $1.23 is derived from the −23% gross margin, not separately reported · FY2025 ~$770M revenue, ~$900M loss.