We always knew Steve Jobs wanted control over his beloved iPhone. We also knew the idea of unlocked iPhones really pissed him off. Now we know, it is not just because of control, it is also about the good ole greenbacks.

Gene Munster of Piper Jaffray figures Apple gets a payment of $18 a month per subscriber from AT&T. This means “Assuming a $400 iPhone and a $18 monthly contribution from AT&T, Apple would record $832 in revenue over two years per phone. Research firm iSuppli estimated in July that it costs Apple $265 to build an 8-gig iPhone. So Apple’s gross profit looks more like $565 per phone over two years.”

It also means that the 300,000 iPhones that were purchased but not activated is a potential loss in gross profit of $130 million. There is no word on whether Apple gets any part of the $175 early termination fee too. With $18 making up 27% of the $66 minimum AT&T iPhone plan, Apple must certainly get a cut if someone decides to end the contract early.

[Via Silicon Alley Insider]