Anthropic routes 47% of sales through Amazon, Google - report

Investing.com -- Anthropic's confidential IPO prospectus reveals the artificial intelligence developer routed 47% of its sales through cloud partners Amazon and Alphabet's Google last year, according to a copy of the filing reported on by Reuters on Tuesday.

The two companies, which are also major Anthropic investors and suppliers of computing power, collected approximately $351 million in distribution fees from the AI developer in 2025. This amounts to roughly 16 cents for every dollar of sales through their cloud marketplaces, totaling about $2.16 billion.

Anthropic's revenue jumped 12-fold in 2025 to nearly $4.6 billion, while operating losses more than doubled to exceed $8 billion. The United States accounted for nearly two-thirds of total sales.

About $3.8 billion in revenue came from customers paying based on usage of the company's Claude AI system, while subscription revenue reached $789 million. The company said consumption-based revenue will account for the substantial majority of its revenue for the foreseeable future.

The AI developer's dependence on Amazon and Google has grown as revenue expanded. Sales through the two companies rose from 11% of revenue in 2023 to 32% in 2024, reaching nearly half last year.

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 exceeded $417 billion, covering 3.5 gigawatts of dedicated computing capacity.

Anthropic said offering its Claude AI model through Amazon, Google and Microsoft's cloud platforms allows it to tap their sales networks and reach existing customers, accelerating market penetration at a scale that would be difficult for any single organization to replicate.

The company also acknowledged its reliance on a limited number of partners and suppliers creates complex dynamics that could give rise to conflicts of interest and adversely affect its access to computing resources.

Two unnamed customers each generated 12% of revenue last year. Anthropic warned that many of its biggest customers are not bound by long-term contracts and could reduce or halt spending.

The cloud providers were responsible for collecting 60% of the $909 million in customer bills outstanding at the end of 2025, up from 42% in 2024.

Anthropic is seeking a valuation of about $2 trillion and plans to spend hundreds of billions of dollars in coming years to accelerate growth.

Original Article

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