Sep 30, 2026 · 16 min
Anthropic’s losses expose the economics of AI scale
Monologue: Anthropic Lost $8bn In 2025, Was A Worse Business Than OpenAI
Anthropic’s reported losses and high cost of revenue raise broader questions about whether frontier AI businesses can become financially sustainable.
- 1Anthropic reportedly lost roughly $8 billion in 2025 while spending $2.75 to generate each dollar of revenue.
- 2Ed Zitron argues that Anthropic’s economics look weaker than OpenAI’s, despite both competing to build frontier AI systems.
- 3The leaked S-1 increases pressure to release the complete filing so investors and counterparties can assess the company’s condition.
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The episode crystallizes its argument around Anthropic reportedly spending $2.75 for every dollar of revenue while losing roughly $8 billion in 2025.
The brief
Ed Zitron changes course after a leaked Anthropic S-1 reveals financial details he argues deserve scrutiny, especially from investors and the company’s economic counterparties.
The disclosures reportedly show Anthropic lost roughly $8 billion in 2025 and spent $2.75 to generate each dollar of revenue, putting its business model under pressure.
Zitron compares Anthropic unfavorably with OpenAI, framing the gap between frontier AI ambition and financial performance as a question of business sustainability.
The episode’s central demand is straightforward: release Anthropic’s complete S-1 so outside stakeholders can evaluate the company with more than leaked figures.
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Anthropic
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