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)

Financial Times: 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 — Prospectus details AI lab's ‘mission’, $800bn data centre commitments and extraordinary governance structure

First reported by Techmeme. This page is a short excerpt; the full text is theirs.