Anthropic IPO Filing Reveals Nearly Half of Sales Channeled Through Amazon and Google

Artificial intelligence developer Anthropic routed 47% of its sales through its cloud partners and major investors, Amazon and Alphabet's Google, in 2025, according to a Reuters report citing a copy of the company's confidential IPO prospectus. This deep reliance highlights the complex and symbiotic relationship between the AI startup and the tech giants that provide it with essential computing power.

A Costly Partnership

The filing reportedly shows that sales through Amazon and Google's cloud marketplaces generated approximately $2.16 billion for Anthropic last year. In turn, the two tech giants collected around $351 million in distribution fees, equivalent to about 16 cents for every dollar of sales processed.

This dependence has grown rapidly alongside Anthropic's revenue. The portion of sales funneled through these two partners increased from just 11% in 2023 to 32% in 2024, before reaching nearly half last year. The company acknowledged that this reliance on a limited number of partners creates complex dynamics that could lead to conflicts of interest.

Explosive Growth, Deepening Losses

Anthropic's financials reveal a company in hyper-growth, with revenue surging 12-fold in 2025 to nearly $4.6 billion. However, its operating losses more than doubled to exceed $8 billion, underscoring the immense cost of developing and scaling large AI models.

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The majority of its revenue, about $3.8 billion, came from customers paying based on their usage of the Claude AI system. The company's massive capital requirements are also evident in its long-term commitments, which reportedly swelled from $54.6 billion at the end of 2025 to over $417 billion by early 2026 for dedicated computing capacity.

Key Risks for Investors

The prospectus also warns of significant customer concentration risk. Two unnamed customers each accounted for 12% of Anthropic's revenue in 2025. Furthermore, the company noted that many of its largest clients are not bound by long-term contracts and could reduce or halt their spending at any time.

Despite these risks, Anthropic leverages its partners' extensive sales networks to accelerate market penetration. The company is reportedly seeking a valuation of approximately $2 trillion in its initial public offering as it plans to spend hundreds of billions to fuel future growth.