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 (Financial Times)

Anthropic spent approximately $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, according to its S-1 filing reported by the Financial Times. The filing also details the AI lab's mission, $800 billion data center commitments, and extraordinary governance structure.