Revenue per dollar of compute up 5.2x in 5 quarters, undercutting 'massive lab losses' narrative
robleclerc · x · 2026-10-26
Rob LeClerc pushed back on the 'labs have massive losses' narrative with a compute-efficiency chart: revenue per dollar of compute climbed from 0.40x in Q1'25 to 2.08x in Q2'26 — a 5.2x gain in five quarters, with revenue growing from $0.4B to $11.6B while compute and infrastructure spend rose from $0.9B to $5.6B. His argument: public markets have never seen venture-style scaling speeds at this company size, so critics misjudge how each dollar invested compounds business growth. Losses don't mean the model is broken.
Related event: Anthropic's Revenue per Compute Dollar Up 5.2x(4 posts)→
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