their moat is leaky because llm prices will be dropping forever and the only viable model will be a free model. Eventually everyone will catch up.
Plus there is the thing that "thinking models" can't really solve complex tasks / aren't really as good as they are believed to be .
I would wager most of their revenue is from the subscriptions - both consumer and business. That pricing is detached from the API pricing. The heavy emphasis on applications more recently is because they realize this as well.