Anthropic IPO prospectus lays bare deep dependence on Big Tech partners
AMZN•Anthropic routed 47% of its 2025 sales, or about $2.16 billion, through Amazon and Google, and paid cloud platforms roughly $351 million in distribution fees. Two unnamed customers each accounted for 12% of revenue.
1. Cloud partner sales
Anthropic's confidential IPO filing shows that sales through Amazon and Google's cloud marketplaces totaled about $2.16 billion in 2025, or 47% of revenue. The share rose from 11% in 2023 and 32% in 2024. Anthropic paid the platforms roughly $351 million in distribution fees.
2. Computing commitments
Amazon and Google have invested in Anthropic and supply computing power, while Anthropic has committed to buy substantial computing capacity. It had $54.6 billion in non-cancellable hosting and computing commitments at the end of 2025; by early 2026, total long-term commitments exceeded $417 billion, covering 3.5 gigawatts of dedicated capacity.
3. Customer concentration
Two unnamed customers each generated 12% of Anthropic's 2025 revenue. The company warned that many major customers lack long-term contracts and could reduce or halt spending. Amazon and Google collected 60% of the $909 million in customer bills outstanding at year-end, up from 42% in 2024.
