[projektfu]

The marginal cost of the next token. That can include the power, the operating cost of the facility, repair costs, etc.

The API price should hopefully incorporate the capitalized cost of the hardware, the facility rent, the cost to train the model, the r&d, cost of sales, etc., to make it profitable.

Claude Code Max may be able to offer a good price by having a mix of higher and lower utilization of users and ignoring the fixed costs, treating it as a driver of API sales. But it doesn't make sense to essentially pay people to use it.