
SemiAnalysis Weekly· Staffel 1· Folge 36
Ep. 036 - $200 Buys $12,000 of Opus Tokens, We Bought Every Plan (AI Cloud TCO) | Max Kan, Jordan Nanos, Andrew Megalaa
Mittwoch, 7. Oktober 2026 · 50 min
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Shownotes
Pay Anthropic $200 a month and you can pull $12,000 of Opus 5.5 tokens at API pricing. Max Kan (@maxkan) and Andrew Megalaa bought every plan, OpenAI, Meta, xAI, MiniMax, Moonshot, Z.ai, Cursor, and measured every token type to find the ceiling. The catch isn't subsidy. Anthropic still books 50 to 60% gross margins on these plans, which means the API itself is the price gouge.
Cold Open
Subsidies and Credits
Token Types and Cache
Model Value Charts
Test Methodology
Other Plans
Utilization and Limits
Token Efficiency
Open Models
Cyber and Capture