Plenty of analysis on this point, the inputs are not secret. Check out Semianalysis for example.
They have something like 70% margin on inference.
They had 40% margin on inference in 2025.
You can quibble about the exact numbers, but I think it’s fairly clear at this point that inference is profitable with decent margins. Like you say, unit economics are more interesting than the profitability of the company as a whole.
so speculation from a semiconductor website. that's incredibly likely to be wrong
We will see once Anthropic releases their S-1 too this summer.