Look up the burn rate for OpenAI and Anthropic. Despite the fact that these companies have managed to hook a lot of F500 companies into paying millions for token-level API pricing, they are bleeding cash at a catastrophic rate. And we know subscription tokens come at about a 1/30th the cost of the API pricing (presuming you use your quota).

Yes, they are most certainly subsidizing the subscription plans. I mean, at least for people who utilize them to the quota.