This is all true but it isn't really important for the argument people are making. What is more important is the marginal cost per token. If each token sold is at a marginal loss, their losses would scale with usage, that simply can't be happening with API pricing. But in general, yes I agree with you and I'm sure they are taking a huge loss on Claude Code.
They are certainly making huge bets that are risky, and so yes on their P&L the L are scaling. That doesn't say anything at all about their marginal inference cost.
