A leaked draft of Anthropic’s IPO prospectus shows the company spent $7.33 billion on compute and infrastructure in 2025 against $4.6 billion in revenue — roughly $1.60 of infrastructure for every dollar earned.

Operating losses exceeded $8 billion. Long-term cloud and infrastructure commitments total $518 billion over the next decade.

Revenue is accelerating: Q2 2026 alone hit $11.5 billion, more than the entire previous year, and the company reports operating profit in recent quarters.

The number that matters for buyers is the spend-to-revenue ratio. Every enterprise building long-term plans around a frontier AI vendor’s API pricing is implicitly betting that the vendor’s own infrastructure math holds.

Before locking multi-year contracts, ask vendors for their compute-spend-to-revenue ratio — not just today’s price per token.

Full analysis:

#AIEconomics #Anthropic #AIInfrastructure #Procurement

A leaked draft of Anthropic’s IPO prospectus, reported by Reuters on September 28, shows Anthropic compute spend hit $7.33 billion in 2025, roughly $1.60 for every dollar of the $4.6 billion in revenue the company brought in that year. Operating losses reached more than $8 billion, and the company has committed $518 billion to cloud and infrastructure obligations over the next decade, against 2025 revenue that was a fraction of one year of that commitment.

Revenue is genuinely accelerating — Q2 2026 alone brought in $11.5 billion, more than the entire 2025 total — and Anthropic says it posted an operating profit for a second straight quarter. The spend-to-revenue ratio is the number worth tracking as Anthropic heads toward a reported $2 trillion IPO target, because it’s the same ratio every infrastructure-heavy AI vendor now has to answer for.

Anthropic compute spend became public for the first time when Reuters and the Financial Times obtained details from the company’s confidential S-1 filing, prepared in June ahead of a planned IPO. The numbers show a business growing extraordinarily fast and spending even faster to sustain it. 2025 revenue reached $4.6 billion, up roughly twelvefold from $400 million in 2024. Full-year operating expenses came to about $12.65 billion, of which compute and infrastructure spending alone was $7.33 billion — nearly three times the 2024 figure and 58% of total operating costs. Anthropic is a PBC backed by Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOGL), Nvidia (NASDAQ: NVDA) and Microsoft (NASDAQ: MSFT), each of which also supplies it with cloud and chip capacity.