Anthropic's IPO filing shows AI labs can be profitable at scale

Anthropic's IPO filing reveals AI can be profitable at scale, with $11.6 billion in second-quarter 2026 revenue, up 1,368% year-over-year, and an 8% operating profit margin. Revenue growth outpaced expenses, with computing costs up 300% and other costs up 741%. Revenue per employee exceeded $6.6 million, surpassing Meta and Google estimates, and no single customer accounted for over 10% of revenue. Anthropic holds over $130 billion in cash, but faces nearly $800 billion in potential computing commitments, mostly non-guaranteed. The company warned spending will rise as it shifts to leasing AI chips and operating more in-house infrastructure.