Comment by aurareturn
8 hours ago
If their margins were anywhere near this good, they wouldn't need to raise so much money so often.
Why not? They are reinvesting into growth. There isn't a clear winner yet and Anthropic wants to make sure it is one of them. Taking a profit now while letting OpenAI take your marketshare and train better models is not very smart.
Or they bleed money like crazy, and their margins are pretty awful. Which is the correct answer.
Your $200 subscription is a major net loss for them. The vast majority that pays for that would cancel in a heartbeat the moment they had to pay API prices. Which may or may not be profitable, I am not entirely sure. But for the sake of argument, let's assume that it is.
Are we still calculated $200 subscription token spend based on their highly inflated API token cost and then concluding that they must be losing money on all $200 subscriptions?
Are their API token costs highly inflated? I see no evidence of that.
Why are we using consumer prices when the vast majority of their revenue is from enterprise api usage?
Wihout insight on how much enterprise is paying, it is impossible to draw any conclusions. Unless you have any access to their contracts and are willing to share evidence? I find that highly unlikely.
People here throw around crazy numbers - the dude above was claiming they have some insane good margins, numberd that he took out of his ass.
The only evidence I have is that they are incredibly unprofitable, and they keep raising insane amounts of capital like crazy.
There was a leak sometime ago that they were EBITDA positive during a quarter where they didn't pay for part of their compute. And EBITDA is a cute metric to use when depreciation is actually very important to them, as a model from a year or so ago is nearly worthless.
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