Anthropic’s S-1 filing with the US securities regulator on October 26, 2026 reported revenue of $11.555 billion in Q2 2026, against $5.558 billion in compute and infrastructure expenses. The company generated $2.08 in revenue for every dollar spent on compute, compared with just $0.40 in Q1 2025, when those costs represented 251% of revenue rather than 48% one year later. Revenue grew 1,368% year over year while compute costs rose 300%, and Anthropic recorded operating profit of $974 million, an 8% margin. The $66.3 billion net loss was driven primarily by fair-value charges below the operating line. Anthropic credits much of the efficiency improvement to a shared compute pool using hardware from NVIDIA, AMD, Google, and Amazon Web Services as the company prepares for a potential IPO.
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