Anthropic's S-1 suggests ~70% of its compute goes to internal R&D, not customers
scaling01 · x · 2026-10-27
Peter Gostev estimates from Anthropic's S-1 that of $9b in H1 2026 compute spend, only $2.4b (cost of revenue) serves customers — roughly 70% goes to internal R&D and training. His charts show the internal share climbing from 54% (H1 2025) to 63% (H2 2025) to 70% (H1 2026), surprising given Anthropic's compute crunch. His 60+ chart S-1 analysis also shows $974m operating profit in Q2 2026.
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