I think that's the point, they're not good at making LLMs, they're good at selling LLMs, especially at loss.

Edit: "at cost" -> "at loss"

From their current balance sheets, well below costs.

Trying to separate out "per token" costs and possible profitibility from public information feels like a exercise in futility, it's too easy to play games with costs by trying to separate things still fundamentally required to actually have anything to /sell/ in the first place, like R&D and training. Even the current "Open Models" are somewhat loss-leaders, often reliant on significant funding and benefits from governments etc.

I think the only time we can /really/ judge the "true" break-even point is if the whole company breaks even.