AI Infrastructure Stocks Rebound as Anthropic Reveals Operating Profit
AI infrastructure stocks tracked by TheEnergyMag rebounded Monday after Anthropic disclosed a second-quarter operating profit, offering evidence that revenue from artificial intelligence services can grow faster than the computing costs underpinning them.
Bloom Energy and Hut 8 (NASDAQ: HUT) gained roughly 7%, while CoreWeave (NASDAQ: CRWV) and Coherent advanced about 5% in morning trading. Core Scientific (NASDAQ: CORZ) climbed 4.7%, IREN added 4.3% and Nebius (NASDAQ: NBIS) gained 2.2%. The recovery followed a roughly 30% decline over the past month in TheEnergyMag’s AI Infrastructure Growth Index. Nineteen of the index’s 20 constituents were higher in quotes between 10:49 a.m. and 11:17 a.m. Eastern Time on Monday.
Anthropic reported $974 million in operating income on $11.56 billion of revenue for the three months ended June 30, according to its IPO registration statement filed Oct. 26. Revenue rose 144% from the previous quarter, while compute and infrastructure expenses increased 64% to $5.56 billion.
The figures address a central question hanging over the AI infrastructure buildout: whether the companies buying computing capacity can generate enough revenue to support their spending. Anthropic’s improvement came alongside a rising compute bill, providing evidence of expanding demand as well as better economics at a major customer.
A chart in the prospectus showed Anthropic generated $2.08 in quarterly revenue for every dollar of compute and infrastructure expense, up from $1.40 in the first quarter and 40 cents in the first quarter of 2025. The company described the change over those six quarters as a 5.2-fold improvement in compute efficiency.
The ratio compares revenue with one category of expenses. It excludes personnel, distribution and other operating costs. Anthropic’s second-quarter operating margin, after those expenses, was about 8.4%.
TheEnergyMag’s index tracks companies building the physical infrastructure behind AI, spanning specialized cloud providers, data-center developers and electrical-equipment suppliers. CoreWeave has a direct commercial connection to Anthropic through a multiyear agreement announced in April, with computing capacity scheduled to come online this year.
Anthropic’s balance sheet also drew attention. The company said it had raised $141.1 billion in aggregate capital through June 30 and held $112.4 billion in cash and cash equivalents and $19.3 billion in short-term investments.
Research firm SemiAnalysis highlighted those figures on X, calling this likely "the most efficient scaling of a business in the history of capitalism."
That subtraction measures the gap between capital raised and remaining cash and investments, rather than providing a complete accounting of cumulative operating cash burn. Anthropic’s cash-flow statement showed $3.93 billion generated by operations in the first half, helped by working-capital changes and the timing of customer receipts and vendor payments.
The quarterly operating profit also came alongside substantial losses on other measures. Anthropic reported a $693 million operating loss for the first half and an $80.75 billion net loss. The latter included a $72.39 billion charge from changes in the fair value of convertible notes and other financing instruments, primarily reflecting an increase in the company’s valuation.
Anthropic warned that margins would fluctuate as contracted computing capacity becomes available. It typically procures compute 12 to 18 months ahead of delivery and expects greater reliance on more expensive short-term capacity to compress operating margins in the near term.
Its filing points to continued infrastructure spending. Anthropic disclosed minimum commitments of about $114.5 billion with Google through July 2033 and $44.9 billion with Microsoft between November 2026 and May 2033, regardless of actual usage. It also said its growing effort to lease chips directly and secure dedicated facilities would require significant cash for the foreseeable future.
