“In Q1 of 2025, Anthropic had 400 million-ish of revenue against 900 million of compute and infra expenses. … Fast forward six quarters, in Q2 of 26, they had 11.6 billion of revenue against 5.6 billion of compute and infra expenses. … Anthropic in six quarters did what it takes a lot of software and technology companies like a decade to prove out, which is, no, these are money printing machines.”

But the chart is showing the relationship between their revenue and their total compute expenses per quarter. And so it's both the compute expenses for serving customers, but then also training. And in Q1 of 2025, Anthropic had 400 million-ish. They do it in billions, and so it's only 0.4. So it's like 400 million-ish of revenue against 900 million of compute and infra expenses. And so that's like a 0.4x ratio where compute is larger than revenue. Fast forward six quarters, in Q2 of 26, they had 11.6 billion of revenue against 5.6 billion of compute and infra expenses. So a 2.1x ratio of revenue to compute. So like that, like the entire concern that everyone had is like, oh, are the labs, are all these AI companies, you know, selling a dollar for 90 cents or 50 cents? Like, are they ever going to be able to turn a profit? Anthropic in six quarters did what it takes a lot of software and technology companies like a decade to prove out, which is like, no, these are money printing machines. They're money printing machines. In a huge way. Yeah.