Anthropic’s confidential IPO prospectus has highlighted the company’s growing dependence on a small group of Big Tech partners and customers as it prepares for a potential public listing and seeks to fund its capital-intensive AI expansion.
According to the filing Reuters reviewed, 47% of Anthropic’s 2025 sales were routed through cloud partners Amazon and Google. The two companies are also major investors in Anthropic, suppliers of computing power and competitors in the artificial intelligence market.
Sales through the two cloud platforms reached about USD 2.16 billion in 2025. Anthropic paid roughly USD 351 million in distribution fees to the platforms, Reuters reported.
Anthropic’s revenue increased 12-fold in 2025 to nearly USD 4.6 billion, while operating losses more than doubled to above USD 8 billion. About USD 3.8 billion came from customers paying according to their use of Anthropic’s Claude AI system, while subscription revenue stood at USD 789 million.
The company expects consumption-based revenue to account for a 'substantial majority' of its revenue for the foreseeable future.
Anthropic’s reliance on Amazon and Google has also increased rapidly. Sales through the two companies accounted for 11% of revenue in 2023, rising to 32% in 2024 before reaching nearly half in 2025.
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The filing shows the scale of Anthropic’s long-term infrastructure requirements. At the end of 2025, the company had USD 54.6 billion in non-cancellable hosting and computing commitments.
By early 2026, its total long-term commitments had exceeded USD 417 billion, covering 3.5 gigawatts of dedicated computing capacity. Anthropic also signed a cloud computing deal with Microsoft in November.
Anthropic said its partnerships with Amazon, Google and Microsoft allow it to use their sales networks and reach customers already using their cloud services. The company said this could accelerate market penetration at a scale that would be difficult for a single organization to replicate.
However, Anthropic also warned that reliance on a limited number of partners and suppliers could create conflicts of interest and affect access to computing resources.
Two unnamed customers each accounted for 12% of Anthropic’s revenue in 2025. The company also said long-term contracts do not bind many major customers and could reduce or stop spending.
Cloud partners collected 60% of the USD 909 million in customer bills outstanding at the end of 2025, compared with 42% in 2024.
The filing also notes differences between Anthropic’s revenue recognition approach and that of rival OpenAI, which has argued that Anthropic’s method inflates reported revenue. Anthropic has said it follows established accounting practices and records gross revenue since it is the 'principal' in these transactions.