Anthropic filing implies 85.4% first-half gross margin

Anthropic’s S-1 implies an 85.4% gross margin for the first half of 2026. Put another way, $13.906 billion of revenue remained after costs classified as cost of revenue, but before research and development and other operating expenses. The company reported unaudited revenue of $16.286 billion and cost of revenue of $2.380 billion for the six months ended June 30, according to its registration filing.

The calculation starts by subtracting cost of revenue from revenue to produce implied gross profit. Dividing that result by revenue yields an 85.386% gross margin, rounded to 85.4%. Anthropic does not report a named gross-margin line in the filing; the percentage is calculated from its figures. The results appear in Anthropic’s public S-1 for a proposed IPO.

Anthropic said substantially all cost of revenue consists of compute and infrastructure for customer-serving workloads, along with certain personnel-related and allocated overhead costs. It reported a separate $9.741 billion research and development expense, a category that primarily includes compute and infrastructure for model development, research and internal usage, as well as personnel, software and allocated overhead.

The implied gross margin therefore does not include the R&D expense and does not measure total model-development spending or overall profitability. Anthropic also reported $8.945 billion of compute and infrastructure expense on an expense-by-nature basis, equal to 55% of revenue. That amount spans research, model development, customer serving and internal usage; it overlaps with the functional expense categories and should not be added to them.

Anthropic reported $16.979 billion of total operating expenses and a $693 million operating loss for the period. Its GAAP net loss was $80.748 billion, including a $72.388 billion expense from changes in the fair value of convertible notes, derivative liabilities and SAFEs. The company said that fair-value expense was driven primarily by an increase in its enterprise valuation.