Anthropic’s quarterly revenue rose to nearly $17 billion, approximately twelve times the amount recorded a year earlier, according to Bloomberg. However, operating costs reached $17.5 billion, eliminating the profit the artificial intelligence company had reported in the previous quarter, The Information reported.
The company recorded a net loss of $23.3 billion for the quarter, compared with $12.1 billion a year earlier. Anthropic attributed much of the increase in spending to two items: $5 billion committed to short-term computing capacity and $2 billion in employee donation matching.
Anthropic has faced a shortage of computing resources since late last year. The company has since signed dozens of agreements involving Amazon, Google, SpaceX, chipmakers and former cryptocurrency miners, according to The New York Times. It is expected to have access to more than 3.5 gigawatts of power this year and plans to double that capacity next year.
The company’s updated prospectus lists $895 billion in commitments for computing resources and data-center leases. These obligations add pressure ahead of its expected initial public offering, which could raise about $100 billion, The New York Times reported. Japanese investors are expected to provide as much as $3.5 billion of that amount.
Sources: The Decoder.