[menzoic]

API prices may be profitable. Subscriptions may still be subsidized for power users. Free tiers almost certainly are. And frontier labs may be subsidizing overall business growth, training, product features, and peak capacity, even if a normal metered API call is profitable on marginal inference.

[dannyw]

Research and training costs have to be amortized from somewhere; and labs are always training. I'm definitely keen for the financials when the two files for IPO though, it would be interesting to see; although I'm sure it won't be broken down much.