IPO filing: Anthropic routed 47% of its sales, or ~$2.16B, in 2025 through cloud partners Amazon and Google; analysis: it paid ~$351M back in distribution fees (Reuters)

Anthropic's confidential IPO prospectus reveals that in 2025, the company generated $4.6 billion in revenue, with 47% of sales, or approximately $2.16 billion, routed through cloud partners Amazon and Google. According to Reuters, Anthropic paid around $351 million in distribution fees to these partners.

The company's revenue saw a 12-fold increase from the previous year, while operating losses more than doubled to exceed $8 billion. The majority of Anthropic's revenue, around $3.8 billion, came from customers paying based on usage of its Claude AI system, with subscription revenue reaching $789 million. The United States accounted for nearly two-thirds of total sales.

Anthropic's dependence on Amazon and Google has grown significantly, with sales through these two companies rising from 11% of revenue in 2023 to 32% in 2024, and nearly half in 2025. The company's net loss was $42 billion, which includes a $34 billion accounting charge related to funding raised from investors, and its operating loss was $8 billion, with computing infrastructure costs accounting for over 91% of that sum, according to SiliconANGLE.

Brief written by urgent.news from Techmeme, Investing.com, SiliconANGLE, Hindustan Times - World News, Finextra — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.