原帖引用 · 原文
Rohan Paul@rohanpaul_ai
Anthropic’s S-1 shows that research and development (R&D), not serving customers, uses most of the company’s compute: at least two-thirds of its chip spending goes to model training, research and internal use of Claude.
$8.95B on compute in the first half of 2026, but only $2.38B of its costs went to serving paying customers
Serving paying customers takes barely a quarter of that compute and already brings in far more revenue than it costs.
Those customers cost $2.38B to serve against $16.29B in revenue, leaving 85 cents per dollar, up from 12 cents a year earlier.
Because Anthropic buys most capacity 12 to 18 months ahead, surging demand lifted revenue per compute dollar from $0.40 in Q1 2025 to $2.08 in Q2 2026.
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