Don't forget the employees doing the actual model training and research are not the same ones coding Claude Code. CC was a side-project by one employee that ended up hitting it big and is now one of the core parts of their income. They were never a software company per se. This is like how MidJourney was just on Discord forever, because no one on the team was a real web developer. Discord made it easy to get something out there, scale up to many users, etc.
I can’t believe they paid 100m for some of these employees. They could have bought entire companies of real developers.