DeepSeek had a theoretical profit margin of 545 % [1] with much inferior GPUs at 1/60th the API price.

Anthropic's Opus 4.6 is a bit bigger, but they'd have to be insanely incompetent to not make a profit on inference.

[1] https://github.com/deepseek-ai/open-infra-index/blob/main/20...

Because if you don't then current valuations are a bublle propped inflated by burning a mountain of cash.