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  "text": "If this is correct, Anthropic is not nearly as close to profitable as many folks seem to believe. \n\nInstead, it appears they relied on a huge (but presumably not perpetual) subsidy from Amazon.",
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    "text": "Anthropic spent $7.2 billion for 1.4 GW of compute in 2025 (based on reports from investor presentation).\n\nAnthropic told investors in presentation they were tracking 5 GW in 2026. They are tracking $20 billion spent.\n\nAnthropic spent $5.14 billion / GW in 2025\n\nAnthropic is tracking $4.0 billion / GW in 2026 spent (4x lower than industry standard of $16-$22 billion / GW)\n\nAnthropic just signed a contract with N-Scale at $16 billion / GW in 2026, 4x higher than its reporting in its S-1.\n\nThe magic of $AMZN deal. 75% off compute.\n\nTheir true compute cost would have been closer to $80 billion in 2026 vs $20 billion.",
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