The evidence that per-token inference _is_ subsidized is (a) competition is a bloodbath (b) these companies are raising more money than any company has raised ever (c) a maybe-profitable quarter is maybe-coming for Anthropic after maybe-signing a compute deal with SpaceX that legitimizes both companies.

The evidence that per-token inference _is not_ subsidized is... a quote or two from Dario and Sam Altman