Anthropic reported ~80% margins on its API business. That makes the reported usage inside $200 subscriptions hard to reconcile.
I suspect those usage numbers are largely inflated, or presented in a way that makes the $200 price feel like a much better deal.
A $200 Claude Code sub gets you ~$9,000 of Opus usage per month.
I have managed to run 3 Claude accounts down to 0% since Opus 5.5 dropped.
When analyzing their usage, costs were $2,086, $2,442, and $2,182.
Average is $2,200/week, so ~$9,000/month