Anthropic's revenue growth outpaces compute costs as capacity limits persist

Anthropic's revenue surged to $11.56 billion from $787 million a year earlier, nearly 15x growth, while computing costs rose only 4x to $5.56 billion, showing revenue outpacing infrastructure expenses. The filing reveals demand is not the issue; fulfilling it is. Cheaper AI is expanding use cases, but physical capacity constraints remain the bottleneck for delivery. Chips, networking, memory, and power stay central to the expansion as AI builders compete with the U.S. Treasury for capital, accepting higher financing costs to secure scarce capacity.