Anthropic prospectus: 85.4% pure inference margin, but about 26.3% left after training compute and cloud cuts

你以为卖大模型毛利有 80%？Anthropic 招股书揭开的六个月保质期与交付奇迹

An analysis of Anthropic's prospectus adds model iteration, compute and channel costs to the picture. Pure inference gross margin reached 85.4% in the first half of the year, but after training compute and cloud platform revenue shares, roughly 26.3% of revenue remains.

Why it matters: It separates pure inference margin from what is left once training compute and cloud channel fees are counted.