Inference has dropped by like 75% from a year ago. While anthropic does offer more tokens now for the same money, the value of the business is based on an expectation of future profits. There are dozens, if not hundreds of examples of companies being valued this way.
You could be right but the unit economics matter to this business in a way they don't for a SaaS or ads business, they're not free and you can't just point at revenue.