Anthropic IPO Filing Details Cloud Reliance on Amazon and Google
New disclosures from Anthropic's confidential IPO filing reveal that nearly half of its 2025 sales ran through Amazon and Google, alongside hundreds of billions in compute obligations.
Key takeaways
- Anthropic routed 47% ($2.16 billion) of its 2025 revenue through cloud marketplaces operated by Amazon and Alphabet's Google.
- The AI developer paid $351 million in distribution fees to those cloud partners in 2025, equal to roughly 16 cents per dollar of marketplace sales.
- Third-party partners were responsible for collecting 60% of Anthropic's $909 million in outstanding receivables at the end of 2025.
- Total long-term compute commitments grew past $417 billion by early 2026, on track to reach $518 billion over the coming decade.
Anthropic routed 47% of its customer revenue in 2025 through cloud marketplaces run by Amazon and Alphabet's Google, according to disclosures in the company's confidential IPO prospectus reviewed by Reuters. The newly revealed figures demonstrate how deeply the Claude developer relies on the very tech giants that serve simultaneously as its leading investors, primary compute providers, and direct market competitors.
While our earlier breakdown of the Anthropic IPO prospectus financials and founder control detailed the company's $4.6 billion in 2025 revenue and its unusual governance setup, the distribution disclosures outline the operational friction points behind its rapid growth. As Anthropic prepares for a potential public offering targeting a valuation above $2 trillion, its prospectus highlights how channel partnerships and centralized customer accounts introduce complex financial dynamics.
Marketplace Distribution Surges to 47% of Revenue
According to Reuters, sales of Anthropic's models through cloud marketplaces totaled $2.16 billion in 2025. That accounted for nearly half of the company's $4.6 billion total revenue for the year, marking a swift escalation in marketplace dependence. Sales via Amazon and Google represented just 11% of Anthropic's revenue in 2023 and 32% in 2024.
To secure this reach, Anthropic paid approximately $351 million back to the platform operators in channel distribution fees during 2025. According to Reuters' analysis, this translates to cloud providers taking roughly 16 cents for every dollar of marketplace sales. Anthropic reports these distribution cuts under the "sales, marketing, and partnerships" line item within its operating expenses.
Anthropic acknowledged in the filing that while offering Claude through Amazon Web Services, Google Cloud, and Microsoft Azure allows it to tap expansive enterprise networks, the arrangement presents trade-offs. The prospectus warns that partner dependence "creates complex dynamics that could give rise to conflicts of interest and adversely affect our access to compute." Furthermore, hosting partners gain insight into Anthropic's commercial terms and pricing structures, which could affect how partners allocate computing resources or market their own competing systems.
Billing Mechanics and the Revenue Recognition Dispute
The financial relationship extends directly into cash collection and accounting practices. According to Reuters, third-party cloud partners were tasked with collecting 60% of the $909 million in customer receivables outstanding at the end of 2025, an increase from 42% at the close of 2024. Anthropic cautioned prospective shareholders that payment delays or administrative disputes inside partner pipelines could directly disrupt its operating cash flow.
The mechanics of these marketplace contracts have also sparked pushback from competitors. Anthropic books the full gross dollar value of marketplace sales as company revenue because it sets end-user pricing and delivers the model API, categorizing the cloud platform's commission as a marketing cost. As reported by Reuters, rival OpenAI has argued to investors and staff that this accounting method artificially inflates Anthropic's top-line revenue figures by billions. Anthropic stated that its reporting follows standard accounting rules because the company acts as the principal in customer transactions.
Revenue Breakdown and Customer Concentration
Anthropic generated $3.8 billion of its 2025 revenue from metered consumption—charging users based on token volume—while fixed software subscriptions accounted for $789 million, according to the Reuters report. The company indicated that usage-based billing will continue to represent the vast majority of its income for the foreseeable future. Geographically, clients in the United States contributed nearly two-thirds of total 2025 sales.
Customer concentration remains another critical vulnerability detailed in the filing. Two separate, unnamed clients each accounted for 12% of Anthropic's annual revenue in 2025, representing nearly a quarter of its top line combined, according to The Financial Times. The prospectus notes that many key enterprise customers do not have long-term lock-in agreements and can scale down or terminate model usage at will.
Massive Compute Commitments and Future Outlook
To maintain model training and inference capacity, Anthropic has entered into massive binding hosting contracts. At the end of 2025, the company had $54.6 billion in non-cancellable computing and hosting commitments, as reported by Reuters. By early 2026, total long-term infrastructure obligations climbed beyond $417 billion, securing 3.5 gigawatts of dedicated compute capacity.
As reported by SiliconANGLE, Anthropic's planned infrastructure spending reaches $518 billion over the next decade, with roughly 80% tied to take-or-pay or non-cancellable terms. The commitments include significant equipment lease agreements with Broadcom alongside cloud infrastructure from AWS, Google Cloud, and Microsoft.
Anthropic generated $11.5 billion in revenue during the second quarter of 2026 and is on track for consecutive quarters of adjusted operating profit, according to The Financial Times. However, as the company eyes a public debut reportedly expected after the November U.S. midterm elections, investors will weigh its rapid revenue growth against its heavy concentration of channel partners, steep compute liabilities, and reliance on tech giants that control its access to market.
Frequently asked questions
How much revenue did Anthropic generate through Amazon and Google in 2025?
Anthropic generated $2.16 billion—or 47% of its total $4.6 billion in 2025 revenue—through cloud partner marketplaces operated by Amazon and Alphabet's Google.
How much does Anthropic pay cloud partners in distribution fees?
Anthropic paid roughly $351 million in distribution fees to cloud marketplace partners in 2025, which averages out to about 16 cents for every dollar of marketplace sales.
What is the dispute between Anthropic and OpenAI regarding marketplace revenue?
Anthropic books the full gross value of marketplace contracts as revenue while recording platform cuts as marketing expenses. OpenAI has argued to investors that this treatment inflates Anthropic's reported revenue, though Anthropic maintains it follows standard accounting rules as the principal in the transactions.
What are Anthropic's total compute commitments?
Anthropic had $54.6 billion in non-cancellable compute commitments at the end of 2025, which expanded past $417 billion by early 2026. Over the coming decade, Anthropic plans to spend a total of $518 billion on cloud, computing, and infrastructure.
Sources
- Anthropic’s prospectus details losses, growth, and, yes, a warning that its AI could end humanityTechCrunch · Sep 29, 2026
- Anthropic's IPO filing shows soaring revenue, mounting costs, and "existential" risksThe Decoder · Sep 29, 2026
- Anthropic Lost $8 Billion Last Year And Said Its AI Could Destroy HumanityEngadget · Sep 29, 2026
- Anthropic warns of ‘catastrophic’ AI risks in its own IPO filingThe Verge · Sep 29, 2026
- Leaked Anthropic IPO filing reveals $8B operating loss, rapid revenue growthSiliconANGLE · Sep 29, 2026
- Exclusive-Anthropic IPO prospectus lays bare deep dependence on Big Tech partnerslive.euronext.com · Sep 29, 2026
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Published September 30, 2026 at 00:43 UTC
