Anthropic IPO Filing Reveals Nearly Half of Revenue Comes From Backers Google, Amazon, and Microsoft

Artificial intelligence firm Anthropic generated nearly half of its revenue through its largest backers—Google, Amazon, and Microsoft—in the first half of 2026, a dramatic increase that highlights its deepening financial and operational ties to the tech giants, according to its initial public offering filing.

The filing, published Monday, reveals that 48% of Anthropic's revenue in the first six months of the year came from sales through the cloud marketplaces of Alphabet Inc.'s Google, Amazon.com Inc., and Microsoft Corp. This represents a substantial jump from just 11% for the full year in 2023, underscoring the AI company's increasing reliance on its partners' distribution channels.

A Complex Web of Partnerships

Anthropic's IPO filing describes its relationship with the cloud providers as a multifaceted one, labeling them simultaneously as "investors, customers, distribution partners and competitors." This dynamic is supported by massive, multi-billion dollar reciprocal financial commitments that intertwine the companies' fortunes.

The filing detailed the significant financial stakes and spending pledges:

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• Amazon: Has invested approximately $18 billion and committed up to an additional $15 billion. Its investment holds the potential to convert into an ownership stake of up to 10.9%, with a provision capping its total ownership at 12%.
• Google: Has invested about $23 billion with another $20 billion committed, tied to performance targets. Its stake is capped at 14.99% under its most recent financing deal.
• Anthropic's Commitments: The company has pledged to spend vast sums on cloud computing power, including at least $114.5 billion with Google through 2033, $110 billion with Amazon through 2036, and $44.9 billion with Microsoft.

Growth Fueled by Strategic Dependencies

This close collaboration has fueled rapid growth, with Anthropic reporting second-quarter sales of $11.6 billion and an operating profit of $974 million. The revenue model involves the cloud providers billing end customers for access to Anthropic's models, such as Claude, and then remitting the payments after deducting their fees.

However, the filing also warns potential investors of the inherent risks in this arrangement. Anthropic notes that its cloud partners have "visibility into our pricing and commercial terms," which could allow them to favor their own competing AI models. The operational dependency is also significant, as Anthropic uses both Amazon and Google's data centers and custom chips to train and run its models, creating a deeply integrated ecosystem that presents both immense opportunity and strategic risk.