They certainly could be using that much electricity at a loss based on their profitability, which doesn’t exist.

Leaked financial documents from 2025 show the company reported an operating loss of approximately $20.9 billion against $13.1 billion in revenue.

As a company... but that includes things like research costs, model training etc. to determine if they're selling electricity at a loss you should look at inference costs bc that's the "thing" they're selling

Yes, because most of their subscribers are not using 1 billion tokens per day. And they are still in "profits don't matter" mode.