It depends on what you're talking about

If you're looking at overall profitability, you include everything

If you're talking about unit economics of producing tokens, you only include the marginal cost of each token against the marginal revenue of selling that token

I don’t understand the logic. Without training the marginal cost of each token goes into nothing. The more you train, the better the model, and (presumably) you will gain more costumer interest. Unlike R&D you will always have to train new models if you want to keep your customers.

To me this looks likes some creative bookkeeping, or even wishful thinking. It is like if SpaceX omits the price of the satellites when calculating their profits.