앤스로픽(Anthropic)의 수익성, 김밥천국 보다 안 좋다

Anthropic faces a critical profitability challenge as inference costs consume the majority of its revenues, with gross margins declining from 50% to 40% in 2025. Unlike traditional software businesses with low variable costs, AI inference requires continuous computational spending proportional to usage, fundamentally limiting profit scalability. This structural challenge extends across the industry—even commercially successful products like Cursor remain unprofitable—suggesting that sustainable AI business models remain elusive in the current market environment.