Plenty of analysis on this point, the inputs are not secret. Check out Semianalysis for example.

They have something like 70% margin on inference.

so speculation from a semiconductor website. that's incredibly likely to be wrong

We will see once Anthropic releases their S-1 too this summer.

I think you should do a bit of research and come back once you have fixed your knowledge gaps.

what research? it's private and there is large incentive to lie until ipo

They had 40% margin on inference in 2025.

https://archive.is/aKFYZ

You can quibble about the exact numbers, but I think it’s fairly clear at this point that inference is profitable with decent margins. Like you say, unit economics are more interesting than the profitability of the company as a whole.