S-1: Anthropic spent ~$2.50 on compute per $1 of revenue in Q1 2025

Anthropic's IPO filing shows it spent about $2.50 on compute and infrastructure for every $1 of revenue in Q1 2025. That ratio fell below 50 cents by Q2 2026 as the company pushes toward profitability.

• Compute costs were ~$2.50 per $1 of revenue in Q1 2025
• The ratio dropped below 50 cents per $1 by Q2 2026
• The S-1 discloses $800bn in data centre commitments
• The filing details the lab's 'mission' and governance structure