**AI pricing meets capex math**

**OpenAI** cut **GPT-5.6 Luna** by **80%**, from **$1 to $0.20 per 1 million input tokens**. **Anthropic** launched **Claude Opus 5** at half the price of its top model.

Across leading US models, prices are down almost **25% since mid-July**. **Chinese open models** are forcing the move, with **DeepSeek V4 Flash** matching OpenAI's Luna on performance at **half the cost per task**.

Customers are already acting on it. **DoorDash** and **Airbnb** have switched to cut their AI bills.

The valuation issue is simple. **AI companies** are expected to eventually charge enough to cover what they are spending. **Nvidia** alone just arranged **$500 billion in financing for AI infrastructure**.

Prices falling **80% in a month** do not support that math. **OpenAI and Anthropic** are planning IPOs at **trillion-dollar valuations** while cutting prices.

**** **[@venture](https://t.me/venture)