Anthropic's margins swung as revenue outran pre-bought compute, filing shows

Anthropic's margins swung because revenue outran compute it had already bought. Compute and infrastructure costs fell from 201% of revenue in H1 2025 to 55% in H1 2026, and operating margin improved from -184% to -4%. Adjusted net profit for H1 2026 was $2.7 billion, a $4.4 billion improvement from H1 2025. The filing warns margins may compress as new capacity comes online.

Detected & updated continuously · Source: Nebula