SemiAnalysis: Anthropic's subscriptions yield about 5x OpenAI's API-equivalent value
Original title (Chinese)
SemiAnalysis 最新拆解：按 API 等价值算，Anthropic 订阅的含金量约是 OpenAI 的 5 倍！虽然其订阅约占全部收入的 10%，却可能吃掉 40%+ 的推理算力，知道为什么 A 社最喜欢封把 Max 订阅用量吃满这类用户的号了吧😅
AISummary
According to SemiAnalysis, Anthropic's subscriptions may be worth about 5 times more than OpenAI's when measured by API-equivalent value, even though subscriptions make up roughly 10% of Anthropic's revenue.
The post says Anthropic's API revenue accounts for 75–85% of its total, while OpenAI's subscriptions reached 65% of revenue in 2026 Q1.
It also claims Claude's average U.S. paid user pays about $45 per month, with a free-to-paid conversion of about 9%, versus roughly 6% for OpenAI.
Source: indigo · x.comPublished · added here