The IPO prospectus submitted by Anthropic to investors for the first time brings to the fore the intricate financial relationships between Amazon and Google.
On September 29th, according to a confidential document obtained by Reuters, by 2025, nearly half of the revenue for Anthropic will be generated through the platforms of these two cloud giants, which simultaneously serve as investors, providers of computing power, and direct competitors.
The prospectus shows that in 2025, Anthropic will have revenue of nearly $4.6 billion, an increase of about 12 times compared to the previous year, but the operating loss will double to over $8 billion during the same period. Behind this rapid growth is an increasingly deep structural dependence on a few partners—a risk that has been clearly listed by Anthropic in its prospectus.
47% of the revenue flows through the hands of two giants.
The prospectus shows that in 2025, Anthropic achieved total sales of approximately $2.16 billion through the cloud platforms of Amazon and Google (under Alphabet), accounting for 47% of its annual total revenue.
This proportion continues to climb – it was only 11% in 2023, rose to 32% in 2024, and last year it was already close to half.
According to Reuters' calculations, Anthropic paid approximately $351 million in distribution fees to two platforms for this purpose, which means that for every $1 in revenue generated by the cloud platform, about $16 is directed to Amazon or Google. This expense is recorded under the "Sales, Marketing, and Partnerships" operating expenses category in Anthropic's financial statements.
Investors, suppliers, distributors, competitors – a four-in-one entity
The complexity of these financial relationships goes far beyond that.
Amazon and Google play four roles simultaneously: they invest billions of dollars in Anthropic, provide it with computing infrastructure, collect payments from customers on its behalf, and also compete directly with it in the field of AI.
As of the end of 2025, Anthropic's irrevocable commitments for hosting and computing power procurement amounted to $54.6 billion. By the beginning of 2026, the total amount of its long-term commitments had exceeded $417 billion, covering 3.5 gigawatts of dedicated computing power capacity.
In the prospectus, Anthropic characterizes the aforementioned relationship as a competitive advantage, stating that by distributing the Claude model through the cloud platforms of Amazon, Google, and Microsoft, it is able to reach existing customers leveraging their vast sales networks, achieving a level of market penetration that 'we believe no single entity can directly replicate.'
However, the prospectus also acknowledges that the dependence on a small number of partners and suppliers 'has created complex dynamic relationships, which may lead to conflicts of interest and have an adverse effect on our ability to obtain computing power resources.'
The document also indicates that cloud service providers can view the pricing and business terms of Anthropic, which may affect their decisions regarding the allocation of computing power and the intensity of product promotion.
Two major clients each account for 12%, and there are no long-term contracts.
Customer concentration is also a major risk.
The prospectus shows that two unnamed customers each contributed 12% of the annual revenue with the code Anthropic.
Anthropic Warning: Most of its major clients are not bound by long-term contracts and may cut back or stop spending at any time.
At the level of accounts receivable, as of the end of 2025, Anthropic had a total of $909 million in unpaid customer invoices, of which 60% were collected on behalf of the company by Amazon and Google, which is higher than the 42% in 2024. Anthropic indicates that once there are disputes or delays in this process, even if the company has direct contracts with its customers, its cash flow could still be affected.
The dispute over the revenue calculation method related to OpenAI
This prospectus once again brings to the fore the dispute over the revenue measurement criteria between Anthropic and OpenAI.
Anthropic includes the full amount of cloud platform market contracts in its revenue, while the platform fees are recorded as marketing costs. The basis for this is that Anthropic acts as the 'main party' responsible for pricing and service delivery, which is in accordance with accounting standards.
However, according to a report by Reuters in June this year, OpenAI stated to investors and employees that this approach led to a fictitious increase in revenue for Anthropic by several billion dollars.
In response to this, Anthropic stated that the company follows established accounting standards and confirms its total revenue because it is the "principal party" in the transaction.
