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  If their margins were anywhere near this good, they wouldn't need to raise so much money so often.

Why not? They are reinvesting into growth. There isn't a clear winner yet and Anthropic wants to make sure it is one of them. Taking a profit now while letting OpenAI take your marketshare and train better models is not very smart.

by surgical_fire1 hours ago|

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Or 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.