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.
Why are we using consumer prices when the vast majority of their revenue is from enterprise api usage?
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?