Anthropic said price cuts on new model versions and contractual discounts offset about $600 million of third-quarter revenue growth driven by higher usage. Meanwhile, compute and infrastructure expenses rose about 77%, from $5.56 billion to $9.86 billion, faster than 47% revenue growth. The company said $5 billion of compute under short-term commitments cost significantly more than comparable multiyear capacity, helping swing operating profit from $974 million in the second quarter to a $567 million operating loss in the third. Its aggregate lease and purchasing commitments total roughly $895.4 billion, substantially all related to compute and infrastructure. The article frames the harder question as whether Anthropic can cut model prices faster than the cost of building and running them falls.
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