OpenAI and Anthropic missed their gross margin forecasts for 2025 as escalating cloud server costs outstripped revenue growth. OpenAI’s margin fell to 33% while its rival landed ten points short of its goal at 40% due to a surge in inference spending. The ChatGPT maker quadrupled its costs to $8.4 billion last year and is now introducing an ad-supported subscription to monetize its massive free user base.
