Exclusive-Anthropic IPO prospectus lays bare deep dependence on Big Tech partners

Anthropic's IPO prospectus has revealed the company's heavy reliance on a select few customers and prominent tech giants like Amazon and Alphabet's Google. According to the confidential filing, 47% of Anthropic's sales last year were routed through cloud partners Amazon and Google, who also collect customer bills on Anthropic's behalf.

These companies, who are significant investors in Anthropic and compete in the AI space, are critical suppliers of computing power for the firm. The prospectus highlights the complex financial relationship between Anthropic and its cloud partners, with the latter having invested billions in the AI developer while gaining visibility into Anthropic's pricing and commercial terms.

Despite the perceived advantages, the prospectus acknowledges that Anthropic's dependence on these limited partners and suppliers could lead to conflicts of interest and potentially impact its access to computing resources. The AI startup's revenue surged 12-fold in 2025 to nearly $4.6 billion, with most of it coming from consumption-based sales of its Claude AI system.

However, the company's customer base is also heavily concentrated, with two unnamed customers each generating 12% of revenue. The prospectus warns that disputes or delays in Anthropic's cloud collection pipeline could negatively impact cash flow, even though the company contracts directly with its customers.