Developing underlying models, building inference platforms, and creating application products are different ecosystem orientations, and they will also have different gross profit margins per unit of consumed Token.

The chart shows six companies—DeepSeek, Together AI, Manus, Anthropic, Groq, and Perplexity—displaying their monthly Token consumption, valuation, gross profit margin, and valuation/gross profit ratio.

An interesting analysis: using a very limited dataset (far from reaching statistical significance), it concludes that the higher the gross profit per unit of token, the higher the valuation multiple. Simply packaging models into products and selling Q&A is not enough; instead, product design should enable each unit of token to generate more value, sell at higher prices, and be more easily recognized by the capital markets.