The $200 sub is customer acquisition cost to hook devs that then become the marketing team trying to get their company to bring in Claude (at the highly profitable API price).

They have something like 80% gross margins, are at a $100B/yr ARR, and are growing at 10x per year... If that keeps up, they're going to be doing more revenue than Google in a year ($400B ARR, 20% per year growth)

At last, a valid usecase for VCs.