Token economics are very sound - it's the training which is expensive.

Tokens/week have gone up 23x year-over-year according to https://openrouter.ai/rankings. This is probably around $500M-1B in sales per year.

The real question is where the trajectory of this rocket ship is going. Will per-token pricing be a race to the bottom against budget chinese model providers? Will we see another 20x year year over the next 3 years, or will it level out sooner?