Anthropic’s confidential initial public offering filing has highlighted the artificial intelligence company’s growing dependence on a small group of technology partners and customers as it prepares for a potential stock market debut.
The company generated about 47 per cent of its 2025 sales through the cloud marketplaces of Amazon and Alphabet’s Google, according to the filing reviewed by Reuters. Both companies are major investors in Anthropic, important suppliers of computing capacity and competitors in the artificial intelligence market.
Anthropic is seeking a valuation of about $2 trillion and plans to commit hundreds of billions of dollars to computing and infrastructure as it expands its Claude AI business. Its revenue increased nearly 12-fold in 2025 to about $4.6 billion, while operating losses exceeded $8 billion.
About $3.8 billion of last year’s revenue came from customers paying according to their use of Claude, while subscription revenue reached $789 million. Anthropic expects usage-based revenue to remain its main source of income for the foreseeable future.
Sales through Amazon and Google’s cloud marketplaces totalled about $2.16 billion in 2025. Anthropic paid approximately $351 million in distribution fees to the platforms, according to a Reuters analysis of the filing.
The company’s financial ties with major cloud providers extend beyond sales. At the end of 2025, Anthropic had $54.6 billion in non-cancellable hosting and computing commitments. By early 2026, its total long-term commitments had exceeded $417 billion, covering 3.5 gigawatts of dedicated computing capacity.
Anthropic said its partnerships with Amazon, Google and Microsoft allow it to reach customers through established cloud networks. At the same time, the company warned that dependence on a limited number of partners and suppliers could create conflicts of interest and affect access to computing resources.
The filing also showed that Amazon and Google’s share of Anthropic’s revenue has risen sharply, from 11 per cent in 2023 to 32 per cent in 2024 and 47 per cent last year.
Customer concentration is another concern. Two unnamed customers each accounted for 12 per cent of revenue in 2025. Anthropic warned that some major customers are not tied to long-term contracts and could reduce or stop their spending.
The company also said cloud providers collected 60 per cent of its $909 million in outstanding customer bills at the end of 2025, compared with 42 per cent a year earlier.
Anthropic’s accounting treatment for cloud marketplace sales has also drawn criticism from rival OpenAI, which has argued that recognising the full value of those contracts as revenue can make Anthropic’s reported sales appear higher. Anthropic has said its accounting follows established rules because it acts as the principal in those transactions.
