Anthropic’s S-⁠1 points to an 85% gross margin in the first half and leaves Ben Mann out of the controlling founder group

Anthropic filed its S-1 with the SEC on October 26 and plans to list on Nasdaq under the ticker “ANT.” Writing in The Information, Stephanie Palazzolo said the filing shows an 85% gross margin in the first half from running its models. Anthropic no longer reports gross profit on its income statement. The figure comes from a table in the notes that groups expenses by function. It lists cost of revenue of $2.38 billion against revenue of $16.3 billion for the first half of 2026, almost all of it compute for serving customers.

The same table gives about 12% for the first half of 2025 and about 40% for full-year 2025. Compute for free users sits in sales and marketing, and model training in research and development, which reached $9.74 billion in the half. Anthropic reported $1.0 billion of operating income in the second quarter. The Information framed the margin as a reality check for skeptics of pay-as-you-go model sales.

The San Francisco Standard reported that a footnote on page 248 calls Benjamin Mann “often referred to as a co-founder” but “not a member of the Founder LLC nor a Continuing Founder.” He will not join the seven co-founders in deciding how the Class F stock, with 50.1% of voting power, is voted. An Anthropic spokesperson said his role has not changed and “it’s still fair to refer to him as a cofounder.” Mann did not respond to a request for comment.