Anthropic IPO filing exposes reliance on Amazon and Google for sales and compute

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Anthropic IPO reliance on cloud giants

Highlights

Anthropic's IPO filing reveals 47% of 2025 sales, or $2.16 billion, flow through Amazon and Google, which also receive $351 million in distribution fees.
Anthropic's 2025 revenue surges to nearly $4.6 billion with operating losses more than doubling to over $8 billion and rising reliance on usage-based payments.
By end-2025, Anthropic faces $54.6 billion in non-cancellable hosting and computing commitments and total long-term commitments exceed $417 billion by early 2026.

Prospectus details partner concentration

As first reported by Reuters, a copy of Anthropic's confidential IPO filing shows 47% of its 2025 sales moved through cloud partners Amazon and Google, which also act as major investors, key infrastructure suppliers and AI competitors. The filing lays out how those ties support distribution for Claude while also creating conflicts of interest and operational risk for the company.

Anthropic says selling Claude through the cloud platforms of Amazon, Google and Microsoft helps it reach customers already using those services and speeds market penetration at a scale it believes would be hard for any one company to build alone. At the same time, it warns that relying on a limited number of partners and suppliers could affect access to compute and complicate its business relationships.

Sales through cloud marketplaces total about $2.16 billion in 2025, or 47% of annual revenue, according to the filing. Reuters analysis indicates Anthropic pays about $351 million in distribution fees to those platforms, suggesting the providers collect roughly 16 cents of every dollar from those sales, with the fees recorded under sales, marketing and partnerships expense.

Growth, losses and investor risks

Anthropic's revenue surges 12-fold in 2025 to nearly $4.6 billion, while operating losses more than double to more than $8 billion. The U.S. accounts for nearly two-thirds of total sales, and about $3.8 billion of revenue comes from usage-based payments for Claude, compared with $789 million from subscriptions.

The company says consumption-based revenue is expected to remain the substantial majority of its business for the foreseeable future. Its dependence on Amazon and Google also deepens over time, with sales through the two companies rising from 11% of revenue in 2023 to 32% in 2024 and nearly half in 2025.

Cash collection is also becoming more concentrated, with third parties responsible for collecting 60% of the $909 million in customer bills outstanding at the end of 2025, up from 42% in 2024. Anthropic warns that delays or disputes in that payment pipeline could hurt cash flow, while two unnamed customers each generate 12% of revenue last year and many large customers are not tied to long-term contracts.

By the end of 2025, Anthropic has $54.6 billion in non-cancellable hosting and computing commitments. By early 2026, its total long-term commitments exceed $417 billion, covering 3.5 gigawatts of dedicated computing capacity, underscoring the scale of spending behind its growth plan and the financial risks facing prospective investors.

In our earlier coverage of Anthropic’s public benefit corporation (PBC) structure ahead of its IPO, we explained how Delaware’s framework requires management to balance shareholder returns with a stated public mission and the interests of affected stakeholders. We also noted what that can mean for investors, including board protections when weighing those trade-offs and limits on shareholder lawsuits over whether the company is meeting its public benefit commitments.

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