alt Hacker NewsOr 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?