Anthropic's Q3 compute costs rose 77.5% from the previous quarter

Anthropic’s third-quarter compute and infrastructure costs rose 77.5% quarter over quarter to $9.863 billion, outpacing revenue growth of 46.7% as revenue climbed to $16.956 billion from $11.555 billion, according to an amended S-1 filed with the SEC. The company swung from an operating profit in the second quarter to an operating loss in the third, when compute and infrastructure costs were $5.558 billion. Usage growth drove sales, but price cuts on new models and contract discounts offset roughly $600 million of that increase. The figures matter because they show Anthropic’s spending on compute scaling faster than its top line ahead of its listing, and investors will watch whether pricing pressure and infrastructure costs continue to compress margins in the next quarter.