[TSiege]

The best I kind is this tech crunch article, which appears to be referencing an article from the information that is pay walled.

> The Information reports that Anthropic expects to generate as much as $70 billion in revenue and $17 billion in cash flow in 2028. The growth projections are fueled by rapid adoption of Anthropic’s business products, a person with knowledge of the company’s financials said.

> That said, the company expects its gross profit margin — which measures a company’s profitability after accounting for direct costs associated with producing goods and services — to reach 50% this year and 77% in 2028, up from negative 94% last year, per The Information.

https://techcrunch.com/2025/11/04/anthropic-expects-b2b-dema...

[disgruntledphd2]

So assuming that the gross margin is GAAP (which it probably isn't), then this would suggest that the costs of training are covered by inference sales this year (which is definitely good).

However, I'm still a little sceptical around this as the cost to train new models is going up super-linearly (apparently) which means that the revenue from inference needs to also go up along side this.

Interesting to think about though, thanks for the source!