Very well said. People are making a lot of claims when very little knowledge of the financials is public. If you actually look at the numbers, there are plenty of ways in which API revenue and forgotten subs could more than make the difference for power users. Even if power users are getting 10-20x their sub fee in tokens, the math could still work out. Personally, I doubt more than 5% of Claude subs even approach max usage, because it requires having so many agents running all of the time.

I imagine we'll know in a few months when these companies go public.