Anthropic burned $5 billion on AI, still lost money
Anthropic's amended S-1 reveals a company growing revenue at 1,200% while managing nearly $900 billion in compute commitments the math behind the AI infrastructure bet.
There is a specific moment in Anthropic's amended S-1 filing that illustrates the central tension of the AI infrastructure era. In the second quarter of 2026, the company reported $974 million in operating income the first operating profit in any period the filing documents. Three months later, in Q3, that number had inverted entirely: a $567 million operating loss. The culprit, as Anthropic explained in the filing, was $5.0 billion in compute purchased under short-term commitments, which the company stated costs...
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