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Anthropic's gross margin in its IPO documents is 85%, excluding the cost of training new models

Prepared by Sintelligent with the help of SI. Published in SI: . Updated: .

Running finished models earns Anthropic a high margin; the company's main costs go to training new ones.

According to Anthropic's IPO documents (as relayed by Semafor), gross profit from running already-trained models is 85% of revenue; the figure excludes the cost of training new models, and the company as a whole remains unprofitable. For comparison, Semafor cites Meta's advertising business at about 81–82%, Google search at 75–80% by analysts' estimates, and the iPhone in the mid-40s percent. The Next Web, describing the same documents, gives first-half 2026 revenue of $16.3 billion and cost of revenue of $2.38 billion.

Sources 2

semafor.comthenextweb.com
History

Anthropic IPO

22 events
  1. Anthropic's gross margin in its IPO documents is 85%, excluding the cost of training new modelsOpen now
  2. Bloomberg: Anthropic may offer up to 20% of its IPO shares to retail investors
  3. Senator Warren demands answers from Anthropic by November 3 to a long list of questions on risks named in its IPO filing
  4. Anthropic's seven cofounders split shares almost equally and pledged 80% to charity
  5. Banks and Blackstone arrange $63 billion for Broadcom chips for Anthropic
  6. Anthropic prospectus: $417 billion in compute obligations, founder control and political risk
  7. Anthropic files publicly for IPO: Nasdaq, ticker ANT, $16.3 billion in revenue for the half-year
  8. Anthropic draft prospectus: $16.3 billion revenue and $80.7 billion net loss in six months, compute spending of up to $750 billion possible
  9. Investors discuss cutting Anthropic's IPO valuation to $1.5 trillion on slowing revenue growth
  10. Anthropic tells investors third-quarter revenue was $16.8 billion ahead of a possible IPO
  11. Anthropic to disclose third-quarter financial results to investors for the first time on Wednesday
  12. Anthropic IPO filing reveals founders' pay: Dario Amodei received $18 million for 2025
  13. In its IPO prospectus Anthropic warns investors: the US government's stance could hit its commercial customers too
  14. Broadcom and Blackstone are raising $60 billion for chips for Anthropic and other SI companies
  15. Broadcom to lend Anthropic up to $42 billion to rent Google TPU SI chips, according to the IPO prospectus
  16. Anthropic IPO prospectus: 2025 revenue of $4.6 billion, compute spending of $7.3 billion and $518 billion in future commitments
  17. Anthropic's founders want 50.1% of votes before the IPO, following the Palantir model
  18. WSJ: Anthropic moves its IPO from October to November to be able to show its third-quarter report
  19. Reuters: Anthropic is considering releasing a new model before its IPO to answer GPT-6 Astra, despite its own call to slow down
  20. Anthropic posts operating profit for a second straight quarter: revenue $11.5 billion, IPO on Nasdaq
  21. Nvidia may invest up to $10 billion in Anthropic's IPO, the largest offering in history at a valuation of about $2 trillion
  22. Anthropic IPO slips to mid-October, credit line grows to $15 billion
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