SemiAnalysis used its own Tokenomics model to measure the subscription values of various models, stating that Anthropic's $200 Claude package offers an API equivalent value approximately five times that of OpenAI's comparable tier. The authors are Andrew Megalaa, Max Kan, and Dylan Patel.

The comparison is between Opus 5.5 and GPT 6.1 Sol. The report notes that even without considering prices, the difference in token count is still significant, as Sol is cheaper per token, which does not account for the entire gap. At the top tier, GPT-6 Astra and Fable 5.1 have closer limits, but Fable can only utilize up to 50% of its package limit.

According to this rule, after consuming $2,485 equivalent value of Fable 5.1, the $200 Claude still has 50% of its limit available for other models. In contrast, the equivalent OpenAI package, after using $2,897 equivalent value of Astra, has its limit reduced to zero. The extra half is magnified in the comparison of Opus 5.5 to Sol.

Last week, OpenAI halved the API equivalent value of the $200 tier and introduced a new $500 tier. SemiAnalysis's tracking confirmed this reduction. The old $200 tier purchased before October 29 maintains its original limit, while new purchases immediately take effect at the lower limit. The token count for each model tier has been halved. The equivalent value of the Sol tier has decreased by over 50%, as the input price for 6.1 Sol has also been lowered, without a corresponding adjustment in subscription limits.

The new $500 tier only offers 21% more than the old $200 tier for Astra. Due to the price drop of Sol, the API equivalent value for this tier has actually decreased. The $500 tier features Ultrafast at 300 tokens per second, with the report stating that limits are still being tested. After the cuts, the number of tokens per dollar for the $100, $200, and $500 tiers has been equalized. Plus is close on Sol but performs worse on Astra.

Anthropic's tiers were originally designed to have equal value per dollar, and they remain consistently higher than OpenAI. After reducing input and output prices by 20% and cache reads by 60%, Anthropic increased the Max tier Opus limit by about 20% and the Pro tier by about 50%. Neither company has fully passed the API price cuts onto subscription users.

The buyers are heavy users paying monthly, while the sellers are two labs exchanging inference power for retention. This is a repricing of limits, not a new model release. OpenAI has retracted subscription subsidies, while Anthropic continues to keep more computing power in its packages. The report estimates that subscriptions account for about 10% of Anthropic's revenue but may consume over 40% of inference power, lowering the blended revenue per megawatt by about $36 million. Users fully utilizing mid-tier models benefit from Claude, while new users purchasing OpenAI's high tiers face pressure.

Source: Public Information