Souls of the Lost
Creature — Spirit
As an additional cost to cast this spell, discard a card or sacrifice a permanent.
Fathomless descent — Souls of the Lost's power is equal to the number of permanent cards in your graveyard and its toughness is equal to that number plus 1.
"Do you remember us?"
Illustrated by
The Lost Caverns of Ixalan#121RareJapaneseLegality
Rulings
The ability that defines Souls of the Lost's power and toughness works in all zones. As long as Souls of the Lost is in your graveyard, that ability will count Souls of the Lost itself.
Some descend triggered abilities include intervening "if" clauses (i.e. "if you have [four or eight] permanent cards in your graveyard" in the middle of the ability). Each of these abilities checks your graveyard at the moment it would trigger to see if it does. If you don't have the required number of permanent cards in your graveyard at that time, the ability doesn't trigger at all. If it does trigger, it will check again as it tries to resolve. If you don't have the required number of permanent cards in your graveyard at that time, the ability won't resolve and none of its effects will happen.
Cards with the ability word "fathomless descent" have abilities that care how many permanent cards are in your graveyard.