Not a good way to analyze business though.
it's a subscription model so the people that don't use it to the fullest are paying for the ones that do. Like a gym membership.
It still might be massively subsidized but you would have to look at usage metrics too.
Subscription plans are massively subsidized.
And by massively, I mean absurdly:
Claude Max 20x: $200/month, with usage reportedly worth around $8,000
ChatGPT Pro 20x: $200/month, with usage reportedly worth around $14,000