Approximately 80% of revenue comes from consumption-based spending, so your statement would likely be true even if subscriptions were priced below cost. Overall revenue is not especially informative on the price structure of a revenue stream that represents one-fifth of the overall enterprise.

> 80% of revenue comes from consumption-based spending

Why would this be exempt from any of the above categories?

> Overall revenue is not especially informative on the price structure of a revenue stream

It’s pretty informative on the business model of the enterprise!

If you’re quibbling that Anthropic has loss leaders, yes, sure. Whatever. So does Costco. Loss leaders converting into profitable sales is good business.