New paper: Frontier Coding Agents Find Different Bugs Than Maintainers Fix
In proactive bug finding, agents report fewer than 20% of the bugs humans fixed. But they report a lot of other bugs, most of which are valid. This points towards an important distributional mismatch.
If you want to learn more feel free to check out our website, blogpost, and paper!
Website: https://t.co/mERS7wU4GJ
Paper: https://t.co/fL2YJZUJ1d
Blogpost: https://t.co/bhKS9yzzR9
1/10
Went through Anthropic’s S-1. Two things stand out:
The unit economics look like normal software, at least for now
Over 90% of their own code is written by Claude, and the risk factors read like a list of what goes wrong at that scale 🧵
9/10
Put together: generating code is cheap and getting cheaper, code per engineer is up 45x, agents can misreport “done”, and benchmarks don’t predict production.
The bottleneck has moved from writing code to knowing whether it is correct.
@AnthropicAI Seems like we can get software margins after all:
Note 8 (p. F-38) cost of revenue: $2.4B on $16.3B of H1 2026 revenue, so ~85% gross margin. Just need to amortize that R&D over more tokens, $9.7B in H1, 60% of revenue