Anthropic reduced their gross margin forecast per external reporting (below) to 40%, and have exceeded internal forecasts on inference costs. This does not take into account amortized training costs which are substantial (well over 50% of revenue) and accounted for as occurring below gross profit. If you view training as a cost of staying in the game, then it is justifiable to view it as at least a partially variable cost that should be accounted for in gross margin, particularly given that the models stay on leading edge for only a few months. If that's the case then gross margins are probably minimal, maybe or negative.

https://www.theinformation.com/articles/anthropic-lowers-pro...