Decoder with Nilay Patel · Thursday, October 29, 2026
Joey Brookhart notes that Anthropic's unit economics have improved dramatically, moving from negative 94 percent gross margins on inference two years ago to positive 85 percent today. The gains are driven by hardware and software token throughput efficiencies.
“Anthropic had negative 94% gross margins on inference two years ago. Now they have positive 85 and people didn't understand kind of, you know, how do they allocate compute?”