SemiAnalysis 实测:Anthropic 订阅价值约为 OpenAI 的 5 倍以上
SemiAnalysis 对 Anthropic、OpenAI、Meta、MiniMax、Moonshot、Z.ai、Cursor、Cognition 等订阅计划逐一做了额度实测,按模型与工作负载换算成 API 等价价值。在中端模型上,Anthropic 的 Opus 5.5 提供的 API 等价价值约为 OpenAI 的 5 倍;OpenAI 上周把 200 美元档额度减半并新增 500 美元档,使 Pro 100、200、500 每美元 token 数趋于一致。文章还给出按 token 类型(输入、缓存写入、缓存读取、输出)测量额度消耗的方法,并指出厂商可随时通过调整 credit 成本静默改变额度。
ng 100% utilization and 92% API gross margins, maxing out Opus 5.5 vs Fable 5.1 usage corresponds to -369% and 1% gross margins respectively. If we were to use a more realistic average utilization of 20%, then gross margins rise to 6% and 80% respectively. In other words, Anthropic would likely already have software like margins on their subscription plans if everyone only used Fable. Opus class models will continue to become cheaper to serve over time as Anthropic figures out how to make the mo
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