❯ Anthropic reportedly posts a second straight adjusted operating profit, while its 80%-plus gross margin excludes training and partner costs

Profit measureAccording to the Financial Times, Anthropic expects a second consecutive quarter of positive adjusted operating income. Revenue has topped $11.5 billion, while annualized revenue reached about $65 billion by the end of July.

Missing costsThe reported gross margin exceeds 80%, but excludes model-training expenses and revenue sharing with partners including Amazon. The measure describes the economics of services already delivered, not the full cost of developing frontier models and distributing them through outside channels.

IPO testPotential IPO investors must separate operating-profit durability from training-cost treatment. Anthropic has shown that enterprise demand can drive rapid revenue growth, but its valuation will ultimately rest on free cash flow rather than adjusted profit and a margin that leaves training outside the calculation.

▪ SIGNALAnthropic is beginning to show operating profit, but where training expenses sit will shape how investors judge the quality of those earnings.