Around a few months back, it was very popular to argue that inference was subsidised and that Anthropic is losing a lot of money. Loads of commenters in HN were convinced that this was the case. I've personally lost count of the arguments I've gotten into on this topic.

This filing clearly shows that the training+inference margins are at around 43%.

I also had a bet with some one on this topic and this news pretty much settles it https://news.ycombinator.com/item?id=48473051

I wonder if people will now stop claiming that inference is subsidised? There has to be epistemic hygiene

Proof:

- Revenue (Jan–Sep 2026): $33.242 billion.

- Total compute and infrastructure costs (training + inference): $18.808 billion.

- Revenue after all compute costs: $14.434 billion.

- Margin: ($33.242B − $18.808B) / $33.242B = 43.4%.

- Source: Anthropic's SEC S-1 filing, November 10, 2026, “Operating Expenses — Compute and Infrastructure.”