Yep people are mostly paying for the added inventory risk and labor when buying from distributors. Anyone with a big enough order to have their own wafer and the time to wait can get it a hell of a lot cheaper, especially for rarer parts that aren’t as popular.
One supplier I developed a relationship with showed us their internal numbers and it was $1,000-3,000 per wafer for 130nm-180nm nodes with a minimum order of 25 wafers. Once the part is designed and the mask is made, the cost is mostly just the setup plus whatever they want for the IP. The silicon itself is often cheaper than the packaging around it.
One supplier I developed a relationship with showed us their internal numbers and it was $1,000-3,000 per wafer for 130nm-180nm nodes with a minimum order of 25 wafers. Once the part is designed and the mask is made, the cost is mostly just the setup plus whatever they want for the IP. The silicon itself is often cheaper than the packaging around it.