It’s not clear this is true because reported numbers don’t disaggregate paid subscription revenue (certainly massively GP positive) vs free usage (certainly negative) vs API revenue (probably GP negative).

Most of their revenue is the subscription stuff, which makes it highly likely they lose money per token on the api (not surprising as they are are in price war with Google et al)

If you have an enterprise ChatGPT sub you have to consume around 5mln tokens a month to match the cost of using the api on GPT4o. At 100 words per minute that’s 35 days on continuous typing which shows how ridiculous the costs of api vs subscription are.