Anthropic generated $16.28 billion in revenue in the first half of 2026, up 1,300%, with roughly 80% coming from enterprise customers billed based on consumption. To support this demand, the company has committed to buying at least $475 billion in future computing capacity, a figure that can reach $750 billion when chip-leasing agreements are included, while many customer contracts can be reduced or terminated at any time. Anthropic says it generates more than $2 in revenue for every $1 spent on infrastructure, but acknowledges that slower usage could pressure margins if customers reduce consumption. In the second quarter, the company posted $974 million in operating income and held $112.4 billion in cash as of late June, while its infrastructure commitments require substantial upfront payments that could erode those reserves.
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