Anthropic IPO Filing Shows Amazon and Google Drove 47% of 2025 Sales

Sales through Amazon and Google were $2.16 billion in 2025, filing seen shows Anthropic pays over $350 million in distribution fees to cloud platforms, Reuters analysis shows Two unnamed customers each account for 12% of 2025 revenue, filing seen shows By Echo Wang and Krystal Hu Sept 29 (Reuters) — Anthropic's IPO prospectus shows how much it depends on a small group of customers and tech giants, highlighting key risks for the AI developer as it asks investors to back its ambitious, capital-intensive plan that it says will transform the global economy. The company routed 47% of its sales to customers last year through cloud partners Amazon and Alphabet's Google, according to a copy of its confidential IPO filing seen. Those two companies, which are supercharging the AI developer's distribution and collecting customer bills on its behalf, are also big Anthropic investors, critical suppliers of computing power and direct rivals in AI. Amazon declined to comment. Anthropic and Alphabet did not respond to requests seeking comment. The filing offers a rare look inside a business that barely existed several years ago but is growing at breakneck speed due to its role as a key developer of large-language AI models. Anthropic is seeking a valuation of about $2 trillion and has plans to spend hundreds of billions in the coming years to accelerate its growth. Revenue surged 12-fold in 2025 to nearly $4.6 billion, while operating losses more than doubled to top $8 billion, The US accounted for nearly two-thirds of total sales. About $3.8 billion in Anthropic's revenue came from customers paying based on how much they use the company's Claude AI system, while subscription revenue came to $789 million. Anthropic said it expects consumption-based revenue to account for "the substantial majority" of its revenue for the foreseeable future. Revenue Concentration Grows Sales through the cloud marketplaces totaled about $2.16 billion, or 47% of Anthropic's annual revenue in 2025, the filing shows. The company paid roughly $351 million back to the platforms in distribution fees, according to a Reuters analysis, suggesting the cloud providers collected some 16 cents for every dollar of those sales. Anthropic reports channel partner fees within the "sales, marketing, and partnerships" operating expense line item on its financial statements. The fees are one strand of an increasingly circular financial relationship. Amazon and Google have invested tens of billions of dollars in Anthropic, while the AI developer has made enormous commitments to buy computing capacity. At the end of 2025, Anthropic had $54.6 billion in non-cancellable hosting and computing commitments. By early 2026, its total long-term commitments exceeded $417 billion, covering 3.5 gigawatts of dedicated computing capacity. Anthropic, in its prospectus, framed these relationships as an advantage. It said that by offering its Claud