Prof G Markets · Wednesday, September 30, 2026
Anthropic claims to be cash flow positive on an inference-only basis in recent quarters, according to reports. However, this is viewed with skepticism due to potential exclusions of training costs and revenue-sharing agreements, which could significantly alter the financial picture.
“Anthropic is, they now also say that on an inference only basis, they're already cash flow positive in the last couple of quarters.”
“The other thing that supposedly they're stripping out, or there's a question about if they're stripping out, is all these revenue sharing agreements. Because of course, Anthropic owes a significant share of its revenue to Amazon, as an example. And it sounds like, I mean, we know that they are when they're looking at their gross margins, they're not including that. In their calculations.”
“We've seen numbers suggested that it could be as high as a couple billion dollars in positive cash flow just from inference alone, but that's purely speculation and they haven't released it. So we don't know.”