The subscription based plans are heavily subsidized, but the direct API inference pricing (which larger companies need to pay) is profitable.

Using a full Claude Max 20x plan to 100% of weekly usage would easily cost you 2k through the API. While the Claude Max 20x plan is 200 a month.

> Using a full Claude Max 20x plan to 100% of weekly usage

I doubt many of their customers are on the 20X plan. Of those, I doubt many of them are using 100% of their weekly usage regularly.

Comparing the 100% maximum usage scenario of their most discounted plan against the API cost has been a trap in this conversation since it came out. I bet if we saw their financials it would be a tiny sliver in a pie chart somewhere.