Anthropic's amended S-1 shows Q3 compute costs up 78% QoQ vs 47% revenue growth
GaryMarcus · x · 2026-11-03
Gary Marcus cites Anthropic's amended S-1: Q2's favorable picture didn't hold. In Q3, revenue grew 47% QoQ while compute and infrastructure expenses grew 78%, with total compute/infra commitments reaching $895 billion. Marcus argues Q2 was an anomaly and the trillion-dollar-plus valuation rests on crumbling projections.
Related event: Anthropic Q3 Revenue Growth Slows as Compute Spending Surges(2 posts)→
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