Anthropic S-1 Reveals Opus 5.5 Inference Cost at $0.6/$3.0
Data from Anthropic's S-1 filing suggests an ~85% gross margin, implying the internal inference cost for flagship model Opus 5.5 is just $0.60/$3.00 per million tokens. This marginal cost is significantly lower than current market pricing for major models, highlighting the massive efficiency advantages of top-tier labs in large-scale inference.
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宝玉 (@dotey) · 2026-10-28 03
Opus 5.5 的成本价大概是 3.0，比很多模型都便宜。
这个数据的来源是 Anthropic 于2026年10月26日向SEC提交的S-1招股书：上半年营收约162.86亿美元、收入成本约23.80亿美元，分析师据此推导出约85.4%毛利率。
这个数字也出现在10月中旬投资者会议材料中，由Bloomberg 等媒体报道为调整后或GAAP毛利率约85%。
↳ 引用 @petergostev (Peter Gostev): We are really underestimating how efficient inference is at big labs. Anthropic's gross margin is 85%, so it costs them 3.00 to serve Opus 5.5.
This is less than what OpenAI is charging for 6.1 Terra and much less than Muse, Gemini, Kimi etc.