State which ARR definition you use and follow it with net retention and gross margin; for daily tokens, say first whether your own calls are included. On the same coverage measure, Volcano MaaS has realized about 1% against a 7.5% target, versus 77% for AWS (numerator from leaked figures).
Most decks treat absolute ARR and total token volume as the scorecard. The diary holds that the absolute number is no longer the signal and the definition comes first: the three kinds of ARR are not comparable, run-rate is the most fragile, and tokens you consume yourself generate only cost, no revenue.
Sierra took 7 quarters to reach its first $100M ARR and only 2 for the second; Anthropic went from a $30B run-rate to $47B in under two months (ENTRY 98, sources: TechCrunch and company announcements). Volcano MaaS coverage is about 1% realized against a 7.5% target, Volcano as a whole 10-12%, AWS 77%, whose numerator comes from leaked figures (ENTRY 124). At ByteDance's 8/6 all-hands the line was that burning cash cannot be the norm.
For founders: state your ARR definition, attach net retention and gross margin, and do not report on a run-rate basis; for daily tokens, say first whether your own calls are included. For investors: regress MaaS revenue forecasts on the 1% realized coverage, not the 7.5% target.