Plenty of analysis on this point, the inputs are not secret. Check out Semianaly...

JimDabell · 2026-05-21T05:17:53 1779340673

They had 40% margin on inference in 2025.

You can quibble about the exact numbers, but I think it’s fairly clear at this point that inference is profitable with decent margins. Like you say, unit economics are more interesting than the profitability of the company as a whole.

fooblaster · 2026-05-21T03:59:59 1779335999

so speculation from a semiconductor website. that's incredibly likely to be wrong

theptip · 2026-05-21T05:05:39 1779339939

I think you should do a bit of research and come back once you have fixed your knowledge gaps.

fooblaster · 2026-05-21T12:38:49 1779367129

what research? it's private and there is large incentive to lie until ipo

satvikpendem · 2026-05-21T04:20:58 1779337258

We will see once Anthropic releases their S-1 too this summer.