Anthropic IPO prospectus reveals deep reliance on Amazon, Google for sales and compute

Anthropic’s confidential IPO prospectus lays bare the growing financial and operational dependence of the artificial intelligence developer on Amazon and Alphabet’s Google, two companies that are simultaneously major investors, critical computing suppliers and direct AI rivals.**

The company routed 47% of its sales to customers through Amazon and Google’s cloud marketplaces in 2025, according to a copy of the confidential IPO filing seen by Reuters. The two technology giants help distribute Anthropic’s Claude AI models and collect customer payments on its behalf, giving them a significant role in the company’s business.

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Amazon declined to comment, while Anthropic and Alphabet did not respond to requests for comment.

The filing provides a rare glimpse into the finances of a company that barely existed several years ago but has grown rapidly on the back of demand for large-language AI models. Anthropic is seeking a valuation of about $2 trillion and plans to spend hundreds of billions of dollars in the coming years to accelerate its expansion.

Revenue surged 12-fold in 2025 to nearly $4.6 billion, while operating losses more than doubled to above $8 billion, Reuters reported exclusively on Monday. The United States accounted for nearly two-thirds of Anthropic’s total sales.

Around $3.8 billion of revenue came from customers paying according to their usage of Claude, while subscription revenue stood at $789 million. Anthropic said it expects consumption-based revenue to account for "the substantial majority" of its revenue for the foreseeable future.

Revenue increasingly runs through cloud giants

Sales through Amazon and Google’s cloud marketplaces amounted to about $2.16 billion last year, or 47% of Anthropic’s annual revenue, the filing showed.

Reuters analysis of the filing indicates that Anthropic paid roughly $351 million in distribution fees to the platforms, meaning the cloud providers collected about 16 cents for every dollar of those sales. Anthropic records channel partner fees under its "sales, marketing, and partnerships" operating expense line.

That arrangement is part of an increasingly intertwined financial relationship between the companies. Amazon and Google have invested tens of billions of dollars in Anthropic, while Anthropic has made enormous commitments to purchase computing capacity from cloud providers.

At the end of 2025, Anthropic had $54.6 billion in non-cancellable hosting and computing commitments. By early 2026, its total long-term commitments had risen above $417 billion, covering 3.5 gigawatts of dedicated computing capacity.

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Anthropic presented its cloud relationships as a competitive advantage in its prospectus. By making Claude available through the cloud platforms of Amazon, Google and Microsoft, the company said it could tap into their large sales networks and reach customers that already use their services, accelerating "market penetration at a scale we believe would be difficult for any single organization to directly replicate."

But the company also acknowledged the risks that come with such concentration. Its reliance on a limited number of partners and suppliers, Anthropic said, "creates complex dynamics that could give rise to conflicts of interest and adversely affect our access to compute."

Anthropic signed a cloud computing deal with Microsoft in November.

The cloud providers also have visibility into Anthropic’s pricing and commercial terms, which the company said could influence decisions over the allocation of computing capacity and how aggressively its products are marketed. Anthropic also noted that the cloud companies are among its customers.

Dependence has grown with revenue

Anthropic’s reliance on Amazon and Google has increased sharply as its business has expanded.

Sales through the two companies accounted for 11% of Anthropic’s revenue in 2023, rising to 32% in 2024 and nearly half in 2025.

The companies have also become increasingly important to Anthropic’s cash collection. They were responsible for collecting 60% of the $909 million in customer bills outstanding at the end of 2025, up from 42% a year earlier.

Anthropic warned that disputes or delays involving those third-party payment channels could hurt its cash flow, even though the company maintains direct contracts with its customers.

Its customer base is concentrated as well. Two unnamed customers each accounted for 12% of revenue last year. Anthropic warned that many of its largest customers are not tied to long-term contracts and could reduce or stop their spending.

The concentration comes as Anthropic seeks to fund an extremely capital-intensive expansion. The company’s massive computing commitments reflect the cost of training and running increasingly powerful AI models, while its dependence on cloud providers creates a relationship in which key suppliers also have their own competing AI businesses.

Accounting differences with OpenAI

The cloud arrangements have also complicated comparisons between Anthropic’s financial performance and that of rival OpenAI.

Anthropic records the full value of marketplace contracts as revenue when customers purchase access to Claude through a cloud provider’s marketplace. The company says it sets the price and delivers the service, while the cloud platform’s share is recorded as a marketing expense.

OpenAI has told investors and employees that this accounting treatment inflates Anthropic’s reported revenue by billions of dollars, Reuters reported in June.

Anthropic told Reuters at the time that it follows established accounting practices and recognizes gross revenue because it is the "principal" in the transaction.

The disclosures in the IPO filing nevertheless highlight a central feature of Anthropic’s rapid growth: the company is expanding through relationships with some of the world’s largest technology companies even as those same companies finance, supply and compete with it in the race to build the next generation of AI.