S-1: Anthropic spent ~$2.50 on compute and infrastructure for every $1 of revenue in Q1 2025, falling to under 50 cents in Q2 2026, as it seeks profitability
THE SO WHAT
Driving compute from ~$2.50 per $1 of revenue to under $0.50 in five quarters shows how quickly infra efficiency can swing model economics. Buyers should assume today’s price/performance is a moving target — and negotiate contracts that share in future efficiency gains rather than locking in 2025-era costs.
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