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's S-1 filing reveals significant spending on compute and infrastructure, with the company expending approximately $2.50 for every $1 of revenue in Q1 2025. This cost is projected to decrease substantially, falling to under 50 cents by Q2 2026, as the AI lab aims for profitability. The prospectus also details Anthropic's mission, $800 billion data center commitments, and its unique governance structure.