Profitable is a stretch. Either they show GAAP accounts or they are not profitable, no matter how much hype or PR they put out there

Anthropic's gross margins are above 80% ... ignoring major operating expenses such as model training.

In other words, they're not really profitable.

"allegedly". There is a lot of accounting tricks with Anthropic's revenues and that revenue increase is based on its leaked balance sheet and 2 customers made up for a quarter of 2025 revenue. [0]

> Maybe it’s because the underlying economics have changed.

It hasn't. We just saw that OpenAI (who has the most debt out of all the other pure AI companies and borrowed more than Anthropic) signalled $20bn of ARR less than expected. [1]

Out of the hyperscalers, Oracle has over >$100BN of debt and has tangled Softbank in the mess with another >$100BN of debt.

One example (Anthropic) does not prove that anything has changed not is it even profitable. It just means that not only raising money isn't an option, both OpenAI and Anthropic have to IPO before interest rates start to increase (and they will) as borrowing becomes more expensive.

[0] https://global.morningstar.com/en-gb/markets/pitchbook-anthr...

[1] https://www.ft.com/content/b66a9858-f8fb-46cb-b506-44bfe26fc...

its in the title!: investors grow wary of debt