Anthropic IPO filing reveals 85% margin and $3.5B free cash flow

Anthropic's IPO prospectus shows it generated $16.3 billion in revenue and $3.5 billion in free cash flow in the first half of 2026, compared with $1.6 billion burned a year earlier. The company reports an 85% gross margin on running existing models, even though it rents nearly all of its computing from cloud providers.

• Revenue of $16.3B and free cash flow of $3.5B in H1 2026
• A year earlier the company burned $1.6B
• The 85% gross margin excludes the cost of developing new models
• Computing is almost entirely rented from cloud providers