Anthropic reportedly has gross margins above 80%, before partner revenue shares and training costs. Strong numbers ahead of a potential IPO.

For context: OpenAI reported 33% in 2025; Microsoft Cloud, 66% in FY2026. Different periods and definitions, so not directly comparable.

P.s.: With margins like that, it explains why my Fable rates are so low. The margin has to come from somewhere, after all ;)