I believe that DeepSeek-V4-Pro API at promotional pricing (https://api-docs.deepseek.com/quick_start/pricing https://api-docs.deepseek.com/quick_start/pricing)

I believe that DeepSeek-V4-Pro API at promotional pricing (https://api-docs.deepseek.com/quick_start/pricing https://api-docs.deepseek.com/quick_start/pricing) could run at almost exactly 200 % profit. If you take DeepSeek's numbers for DeepSeek-V3 (https://github.com/deepseek-ai/open-infra-index/blob/main/202502OpenSourceWeek/day_6_one_more_thing_deepseekV3R1_inference_system_overview.md https://github.com/deepseek-ai/open-infra-index/blob/main/20...) and plug in ~3333 tps/GPU for DeepSeek-V4-Pro (https://developer.nvidia.com/blog/build-with-deepseek-v4-using-nvidia-blackwell-and-gpu-accelerated-endpoints/ https://developer.nvidia.com/blog/build-with-deepseek-v4-usi...) and a price of $7/hr per B300 GPU, the profit comes out as 202%. The rumor is that Anthropic's Opus models have ~100B active parameters, which is twice as much as DeepSeek-V4-Pro, so inference is at least twice as expensive. Since the API pricing is almost 30 times that of DeepSeek, Anthropic's margins are likely very healthy. But they have to be, since Anthropic has to offset the model training costs, while DeepSeek is backed by High-Flyer Quant. DeepSeek might still be profitable anyway, but without knowing how much they spent on training and wages, we can't really tell.