Z.ai is also believed to be "subsidised". Its parent company is running at a large loss right now.
Anthropic have claimed they expect their first profitable quarter this year -- they may have bigger margins on their raw API than you realise.
We're all sure they have big margins in their raw API, it's the subscription we're claiming is subsidised.
We're all sure they have big margins in their raw API, it's the subscription we're claiming is subsidised.