Until they go public, we are all just guessing.
It's hard to tell, honestly - about half the HN population will tell you that all the token providers are running inference at a profit when using the API and only the subscriptions are subsidised, while the other half will tell you that everything, including both the API and the subscriptions, are subsidised (i.e. running at a loss).
I work for a real business and switched from API billing to max+overflow. It saves money. It’s crazy not to. What are you talking about?
You may also have a very narrow view of how the world actually works, left as an exercise to the reader to figure out which one it is