Anthropic IPO Filing Reveals Deep Reliance on Cloud Partners Amazon and Google

A confidential initial public offering prospectus for Anthropic lays bare the AI developer's significant and growing dependence on its Big Tech partners, Amazon and Alphabet's Google, for a substantial portion of its revenue. The filing, seen by Reuters, details a complex financial relationship that presents key risks for investors as the company seeks a public valuation.

Explosive Growth, Deepening Losses

The filing provides a rare look into the finances of the fast-growing AI model developer. Anthropic's revenue surged 12-fold in 2025 to nearly $4.6 billion, a dramatic increase driven primarily by its pay-as-you-go Claude AI system, which accounted for $3.8 billion of sales. Despite this top-line growth, operating losses more than doubled to over $8 billion.

The company's rapid expansion is capital-intensive, with long-term commitments for computing capacity and hosting soaring. By the end of 2025, Anthropic had $54.6 billion in non-cancellable commitments, a figure that exceeded $417 billion by early 2026.

The Double-Edged Sword of Partnerships

Anthropic's reliance on its cloud partners for distribution has intensified alongside its revenue growth. The prospectus reveals that sales routed through Amazon and Google's cloud marketplaces accounted for 47% of total revenue in 2025, or approximately $2.16 billion. This concentration has grown sharply from 32% in 2024 and just 11% in 2023.

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This relationship is multifaceted, as Amazon and Google are not just distribution channels but also major investors, critical suppliers of computing power, and direct competitors in the AI space. While Anthropic's filing frames these partnerships as a strategic advantage for market penetration, it also acknowledges the risks:

• The company paid its cloud partners roughly $351 million in distribution fees in 2025.
• These partners gain significant visibility into Anthropic's pricing and commercial terms.
• The prospectus warns that the arrangement "creates complex dynamics that could give rise to conflicts of interest."

Investor Risks and Customer Concentration

The filing highlights further risks for potential investors beyond the partner relationships. Anthropic's customer base is highly concentrated, with two unnamed customers each generating 12% of its revenue last year. The company noted that many of its largest clients are not bound by long-term contracts.

Dependence on partners also extends to cash collection. At the end of 2025, third parties—primarily Amazon and Google—were responsible for collecting 60% of Anthropic's outstanding customer bills, a potential risk to cash flow. The filing also touches on accounting practices, noting that Anthropic books the full value of marketplace contracts as revenue while recording platform fees as a marketing expense, a method that rival OpenAI has reportedly criticized for inflating revenue figures.