Anthropic IPO filing reveals deep reliance on Amazon, Google

Anthropic's confidential IPO prospectus has exposed how deeply the AI developer depends on a handful of Big Tech partners, with nearly half its 2025 sales flowing through Amazon Amazon.com, Inc. ↗ 1.33% and Alphabet's ↗ 1.62% Google cloud marketplaces, according to an exclusive Reuters report published on Monday.reuters

The filing, obtained by Reuters, shows that sales through the two cloud platforms totaled approximately $2.16 billion, or 47% of Anthropic's annual revenue in 2025. That share has climbed steeply from 11% in 2023 to 32% in 2024. The platforms collected roughly $351 million in distribution fees, amounting to about 16 cents on every marketplace dollar, according to Reuters' analysis.investing+2

A Circular Financial Relationship

Amazon and Google are not merely distribution channels for Anthropic — they are also its largest investors, its primary suppliers of computing power, and its direct competitors in AI. The filing acknowledged that this reliance on a limited number of partners "creates complex dynamics that could give rise to conflicts of interest and adversely affect our access to compute".reuters

Anthropic's revenue surged 12-fold in 2025 to nearly $4.6 billion, while operating losses more than doubled to exceed $8 billion. About $3.8 billion came from consumption-based usage of its Claude AI system, with subscription revenue reaching $789 million. Two unnamed customers each accounted for 12% of total revenue, and many of its largest clients are not bound by long-term contracts.businessworld+2

Hundreds of Billions in Computing Commitments

The prospectus also revealed the scale of Anthropic's infrastructure obligations. At the end of 2025, the company had $54.6 billion in non-cancellable hosting and computing commitments. By early 2026, total long-term commitments exceeded $417 billion, covering 3.5 gigawatts of dedicated computing capacity. In a separate disclosure, Anthropic said it expects to spend at least $518 billion over a decade on cloud, computing, and infrastructure obligations with six partners.inc+3

Accounting Dispute With OpenAI

The cloud marketplace arrangements have also sparked a financial reporting dispute. Anthropic books the full value of marketplace contracts as revenue while recording the platforms' cut as a marketing expense. OpenAI has argued this approach inflates Anthropic's reported revenue by billions of dollars, Reuters reported. Anthropic has maintained it follows established accounting practices because it is the "principal" in those transactions.businessworld+1

The company, which is seeking a valuation of roughly $2 trillion, also distributes Claude through Microsoft's ↗ 0.92% cloud platform. It framed its cloud partnerships as enabling "market penetration at a scale we believe would be difficult for any single organization to directly replicate".reuters