Anthropic IPO filing shows compute spend of $1.60 per $1 of 2025 revenue, $8B operating loss

Anthropic's IPO filing shows it spent $1.60 on compute for every $1 of revenue in 2025, contributing to an $8B operating loss. Compute fell to 57% of revenue through September 2026, with revenue per compute dollar rising from $0.40 in Q1 2025 to $1.72 by Q3 2026.

Detected & updated continuously · Source: Nebula