Comment by NitpickLawyer

> they still are subsidizing inference costs.

They are for sure subsidising costs on all you can prompt packages (20-100-200$ /mo). They do that for data gathering mostly, and at a smaller degree for user retention.

> evidence at all that Anthropic or OpenAI is able to make money on inference yet.

You can infer that from what 3rd party inference providers are charging. The largest open models atm are dsv3 (~650B params) and kimi2.5 (1.2T params). They are being served at 2-2.5-3$ /Mtok. That's sonnet / gpt-mini / gemini3-flash price range. You can make some educates guesses that they get some leeway for model size at the 10-15$/ Mtok prices for their top tier models. So if they are inside some sane model sizes, they are likely making money off of token based APIs.