Anthropic finance chief Krishna Rao and other executives met with groups of prospective public investors last month with his company’s numbers looking spiffier than ever. The company had gone from spending about $2.30 on operations for every $1 of revenue in spring of 2025 to turning a slight profit on that basis in the June quarter—bucking the stereotype of money-losing AI companies that are addicted to spending.

But some investors walked away from meetings with the understanding from executives that the profits would likely be short-lived. Anthropic would take advantage of its sudden growth and deep cash reserves to aggressively sign data center deals, executives told them, which would increase how much they spend on computing infrastructure and could shrink operating profits.