Comment by extraextra

First of all, revenue exceeds compute just for the most recent 2 quarters. Before that, revenue was not exceeding compute. With 500 billion $ in commitments over the next decade, the compute bill will start increasing rapidly and the new commitments are not at the old prices, they're at higher prices.

Second of all, revenue is not profit. So even if they made 2.08x revenue on every 1$ of compute spent in Q2, that's not taking into consideration all the other costs. Hence, the operating income is still negative for 2026 so far.

You can bet that revenue will keep increasing much faster than the more expensive compute commitments come due, but if that doesn't materialize, things go south real fast. Anthropic is going public with a deficit, so more liabilities than assets, so cash is tight to begin with.