Anthropic’s inference business could hit 88% margins, SemiAnalysis estimates

A new SemiAnalysis report suggests the Claude maker's API-heavy model may be far more profitable than skeptics assumed In a report published in early October 2026, SemiAnalysis estimated that Anthropic ’s inference business could achieve margins as high as 88% once compute costs are accounted for. Roughly 75-85% of Anthropic’s annual recurring revenue comes from API services, which means developers and businesses paying per use. API margins alone are estimated to exceed 80%, according to the research. Consumer subscriptions make up around 10% of revenue but consume more than 40% of inference compute, per the findings.

Source: Crypto Briefing