The entire LLMaaS industry is priced below cost. Even if the marginal cost of electricity and bandwidth to produce one token is less than the price of that token, the amortized infrastructure and R&D costs make the entire venture unprofitable.

If pricing below cost were illegal, it would essentially make starting up a business—any business—impossible.

You can’t calculate what that cost is though regardless. If the gross margin is positive you can’t confidently challenge their longterm growth projections however optimistic or unrealistic they are.