Anthropic의 S-1 IPO 신고서에 따르면, 상반기 컴퓨팅 지출 89억 달러 대부분은 R&D에 쓰였으며, 고객 서비스에 사용된 비중은 3분의 1 미만으로 추정된다.

Anthropic spent less than a third of its $8.9 billion first-half compute bill on serving customers, according to its S-1 filing. Most of the rest went into training, research, and running Claude internally. Meanwhile, the company has signed up for hundreds of billions of dollars in additional TPU and GPU capacity. By our math, that comes to roughly $800 billion. Revenue per compute dollar rose from $0.40 in Q1 2025 to $2.08 in Q2 2026, which the company links to capacity purchased 12–18 months ahead.

Anthropic's IPO is likely to beat that of rival OpenAI, which filed confidentially before CEO Sam Altman said its own would not come this year, amid widespread doubts about an AI bubble. Whether AI labs can cover the cost of serving their models is an open question.