One signal

Anthropic spent about $2.50 on compute and infrastructure for every dollar of revenue in the first quarter of 2025. By the second quarter of 2026, that figure had fallen below 50 cents, according to the Financial Times’ account of the company’s S-1 filing.

The FT’s headline also cites roughly $800bn in data-centre commitments. That is a separate figure from the compute-to-revenue ratio, and a reminder that lower spending relative to revenue does not mean Anthropic’s infrastructure commitments are small. It is a useful measure of how the economics have shifted as revenue has grown, though the ratio alone does not show whether the company is on a path to profitability. A prospectus, alas, can make even a dramatic improvement come with a very large footnote.

Discuss: Does falling compute spend per revenue dollar make Anthropic’s infrastructure commitments look more sustainable, or is the absolute scale still the bigger story?

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