Anthropic routes 47% of sales through Amazon, Google - report

Anthropic, an artificial intelligence company, disclosed in its confidential IPO filing that 47% of its 2025 sales were routed through cloud partners Amazon and Google, according to a Reuters report. The two tech giants, also significant investors in Anthropic, earned roughly $351 million in distribution fees from the AI developer. This equates to about 16 cents for each dollar of sales facilitated through their cloud marketplaces, generating a total of $2.16 billion. InvestingPro alerts users to market-moving headlines.

Anthropic's revenue surged twelvefold in 2025, reaching nearly $4.6 billion, while operating losses surged to over $8 billion. The United States accounted for nearly two-thirds of the company's total sales. Google and Amazon collectively accounted for approximately $3.8 billion in revenue from customers paying based on usage of Anthropic's Claude AI system, with subscription revenue reaching $789 million. The company believes consumption-based revenue will make up the majority of its revenue in the future.

Anthropic's reliance on Amazon and Google has increased as its revenue expanded. Sales through the two companies grew from 11% of revenue in 2023 to 32% in 2024, nearly reaching 50% in 2025. At year-end 2025, Anthropic held $54.6 billion in non-cancellable hosting and computing commitments, exceeding $417 billion by early 2026, covering 3.5 gigawatts of dedicated computing capacity.

The company relies on a limited number of partners and suppliers, which could create conflicts of interest and affect access to computing resources.

Two unnamed customers generated 12% of revenue in 2025. Anthropic cautioned that many of its biggest customers have non-long-term contracts and could reduce or stop spending. The cloud providers collected 60% of the $909 million in outstanding customer bills at year-end 2025, up from 42% in 2024. Anthropic is targeting a valuation of around $2 trillion and plans to invest billions in the coming years to fuel growth.