分析称 Anthropic 人员支出同比增长 486%，股权薪酬是主要推手

Anthropic’s human talent comes at a steep price Anthropic’s personnel bill rose 486% to $3.152B, far outpacing a 283% jump in compute, year on year. Lifted staff spending from $0.23 to $0.35 per compute dollar. Stock-based compensation drove most of that shift, climbing from $286M to $2.2B and reaching about 70% of personnel expense. Excluding stock pay, personnel costs grew roughly 3.8X, close to compute’s pace, so the case for labor-heavier research rests mainly on equity accounting. Anthropic spent $9.741B on research in the first half, but only about $6.6B of its $8.945B compute bill was left for research after it paid to serve customers. That leaves roughly $3.2B of research spending that isn’t compute, which is close to the $3.152B it spent on staff, so most of its staff cost appears to go into research. The filing never says this directly, so treat it as an estimate. Revenue rose 14 times to $16.286B over the same period, far faster than either cost line, and Anthropic reports trailing revenue per employee above $6.6M, up from $1.4M. Anthropic has promised many employees shares that only fully become theirs once the company goes public, so it hasn’t yet counted that pay as a cost. When the IPO happens, it has to record all of that built-up share pay at once, so its staff costs will jump sharply in that quarter even though no one did any extra work.