I don’t understand the logic. Without training the marginal cost of each token goes into nothing. The more you train, the better the model, and (presumably) you will gain more costumer interest. Unlike R&D you will always have to train new models if you want to keep your customers.

To me this looks likes some creative bookkeeping, or even wishful thinking. It is like if SpaceX omits the price of the satellites when calculating their profits.