> the interesting question isn’t “are they subsidizing inference?”

The interesting question is if they are subsidizing the $200/mo plan. That's what is supporting the whole vibecoding/agentic coding thing atm. I don't believe Claude Code would have taken off if it were token-by-token from day 1.

(My baseless bet is that they're, but not by much and the price will eventually rise by perhaps 2x but not 10x.)