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Epoch AI rebuilt the cost structure of three AI companies — Anthropic, MiniMax and Z.ai — from IPO filings and reporting. Staff, despite the industry's headline pay packages, take under a quarter of spending. Research and inference compute together take 54% to 62% of an AI company's costs
Verified 2026-08-18
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Read this morning's edition →The screener · 72 companiesEvery layer of the AI chain, priced dailyHow this was verifiedEvery figure links to the filing it came from
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