alt Hacker NewsThis is all true but it isn't really important for the argument people are making. What is more important is the marginal cost per token. If each token sold is at a marginal loss, their losses would scale with usage, that simply can't be happening with API pricing. But in general, yes I agree with you and I'm sure they are taking a huge loss on Claude Code.
It looks to me like their losses have scaled with usage, though? They keep predicting their losses will increase even as usage has gone stratospheric.