The problem I have with this analysis is it's missing the multi-dimensional aspect of "is this profitable".

It's fair to say that if all these operators are competing for tokens, that the OpenRouter token operator (not sure the exact phrase but the people running the models) are accounting for some level of margin.

However, how many of these are running their own data centers and GPUs?

If they are running their own infrastructure, then it's not a simple equation of if each specific token set is profitable, since it needs to account for the cost of running the data center. It could be that they believe that it is profitable in the long term by utilizing the long tail of asset depreciation, but that isn't guaranteed.

IF they aren't running their own infrastructure, then it's much easier to claim that it's profitable and has a margin (outside of running their servers to manage the rented infrastructure).

HOWEVER, a lot of data centers have some pretty crazy low prices for GPUs that may be vying for user base and revenue over profitability. In these cases, if data center growth starts slowing due to slower buildout then it's very likely GPU prices go up and inference stops becoming profitable for the open router owners.

So long term it's not clear how profitable even these open models are.

OpenAI and Anthropic definitely fall into the latter category too. Their infrastructure requirements are much higher than the open models, and they are being given huge discounts so Microsoft/Amazon/Google can all claim revenue (since they have profitability coming from other parts). It's not clear if OpenAI and Anthropic models would be profitable at inference if they were paying rates that cloud hosts would make a profit from.

There's just way too many dimensions to this scenario to flat out state that open router proves inference is profitable at scale.