# Anthropic turned its gross margins from minus 94% to plus 40% in 15 months. That is the real story. - Date: 2026-04-23 - Category: Artificial Intelligence The number is not the $1T valuation. It is the gross margin swing: minus 94% to plus 40% in 15 months, while revenue tripled. That is the difference between a startup burning cash and a business with pricing power. ---