Anthropic IPO filing shows $3.5B free cash flow, 85% gross margin in first half of 2026

[The Information] Anthropic on Monday filed its long-awaited IPO prospectus. According to The Information, two details stood out: how Anthropic is running its models more efficiently than before, and changes it made to its already-unusual governance structure. The filing shows Anthropic generated $3.5 billion in free cash flow in the first half of 2026 from $16.3 billion in revenue, compared with a $1.6 billion cash burn in the same period a year earlier. Anthropic said it is generating an 85% gross profit margin from powering existing models, a figure that excludes the cost of developing new models. The company is doing so even as it relies almost entirely on computing it rents from cloud providers, which themselves need to generate a profit. According to The Information, the IPO filing is a reality check on AI skeptics' longtime view that a business model founded on selling models on a pay-as-you-go, consumption basis would not be profitable.