Anthropic Spends 58% of Revenue on Computing: Expenses Reach $10 Billion

Anthropic released an update to its S-1 filing with financial results as of September 30. The company's revenue grew to $17 billion, but its operating loss also increased, largely due to expenses on computing power.

The document states that rapid demand growth forced the company to purchase capacity under short-term agreements. These are significantly more expensive than comparable resources under multi-year contracts, which has worsened the computing margin.

Anthropic is developing the Anthropic Direct project to build its own computing base but expects further growth in computing and infrastructure expenses. In the filing, the company identifies these as the largest item of operating costs in the foreseeable future.