Anthropic’s compute costs rose faster than revenue in the latest quarter

Anthropic reported strong growth in its latest filing update, with quarterly revenue reaching $17 billion, compared with $11.5 billion in the previous quarter. However, its operating loss also increased, largely because of higher spending on computing infrastructure. Compute expenses accounted for 58% of revenue, up from 48% in the preceding quarter.

The filing said Anthropic spent $10 billion on compute during the quarter. This included $5.0 billion obtained through short-term commitments, which currently cost significantly more than comparable capacity secured through multi-year agreements. The company’s revenue generated per dollar of compute spending, which had risen steadily since the start of 2025, fell to 1.72x after briefly exceeding 2x.

Anthropic has been arranging capacity from providers including SpaceX, Nscale, Akamai and Volta. The company is also developing its own infrastructure through a project called “Anthropic Direct,” but says compute and infrastructure will remain its largest operating expense for the foreseeable future. The filing attributed the weaker margins to rapidly rising demand and the need to obtain capacity at higher short-term rates. It also indicated that expenses are expected to keep increasing as Anthropic adds committed capacity and continues investing in compute.