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

> The Information says the S-1 shows an 85% gross margin from running models in H1. Co-founder Ben Mann is not among the Continuing Founders who control the vote.

- Publisher: JARRUS (@jarrus.tech), thejarrus.com
- Story date: Oct. 26, 2026 (2026-10-26)
- Published: 2026-10-27
- Tags: Anthropic, Funding and deals, Companies and people
- URL: https://thejarrus.com/en/news/anthropic-s1-details/

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.

## Sources

1. [Anthropic, PBC (SEC, Form S-1): Registration Statement on Form S-1, Oct. 26, 2026](https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm)
2. [The Information (Stephanie Palazzolo): How Is Anthropic So Efficient?, Oct. 27, 2026](https://www.theinformation.com/newsletters/ai-agenda/anthropics-85-margin-reality-check-skeptics)
3. [The San Francisco Standard: Origin of Mann: The mystery of Anthropic’s 8th cofounder, Oct. 26, 2026](https://sfstandard.com/2026/10/26/anthropic-cofounder-mystery-ben-mann/)

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