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

Anthropic's IPO prospectus reveals a heavy reliance on key customers and technology giants like Amazon and Google, which raised concerns for investors about potential risks. These companies accounted for 47% of Anthropic's sales last year through cloud partners. Despite this dependence, Anthropic seeks a valuation of $2 trillion and plans to spend billions to expand its AI offerings.

The company's revenue jumped 12-fold in 2025 to nearly $4.6 billion, but operating losses more than doubled to over $8 billion. Sales through cloud marketplaces made up 47% of the total, with about $3.8 billion generated by customers paying based on usage. Roughly $351 million was paid back to the platforms in distribution fees, suggesting they collected a significant fee for Anthropic's sales.

The prospectus highlights the circular financial relationship between Anthropic and its cloud partners, where both have invested heavily in the company and receive visibility into its pricing terms. However, Anthropic acknowledged the dependency as a potential conflict of interest, which could affect its computing capacity access.

The cloud providers also gain insights into Anthropic's pricing and commercial terms, potentially influencing their decisions. Additionally, Anthropic's customer base is concentrated, with two unnamed customers contributing 12% of revenue in 2025. The company warned that these customers might reduce or halt spending, impacting cash flow.

Despite these challenges, Anthropic remains confident in its long-term growth prospects, seeking to transform the global economy through its AI technology.