Anthropic routed 47% of its sales through cloud partners Amazon and Google in 2025, highlighting the artificial intelligence developer’s growing dependence on the two companies as it expands its business.
According to a confidential IPO prospectus reported on by Reuters, sales through Amazon and Google’s cloud marketplaces generated about $2.16 billion for Anthropic last year.
The two cloud providers, which are also major investors in Anthropic and suppliers of its computing power, collected approximately $351 million in distribution fees from the company.
The fees represented about 16 cents for every dollar of sales made through their cloud marketplaces.
Anthropic’s revenue increased 12-fold in 2025 to nearly $4.6 billion, while its operating losses more than doubled to more than $8 billion.
The United States accounted for nearly two-thirds of the company’s total sales.
Usage-based revenue dominates
About $3.8 billion of Anthropic’s revenue came from customers paying based on their usage of its Claude AI system, compared with $789 million from subscriptions.
The company said consumption-based revenue is expected to account for the substantial majority of its revenue for the foreseeable future.
Anthropic’s reliance on Amazon and Google has increased rapidly alongside its revenue growth.
Sales through the two companies accounted for 11% of Anthropic’s revenue in 2023, rising to 32% in 2024 before reaching 47% in 2025.
Billions in computing commitments
The prospectus also disclosed the scale of Anthropic’s future computing requirements.
At the end of 2025, the company had $54.6 billion in non-cancellable hosting and computing commitments.
By early 2026, its total long-term commitments had risen to more than $417 billion, covering 3.5 gigawatts of dedicated computing capacity.
Anthropic said distributing Claude through Amazon, Google and Microsoft’s cloud platforms enables it to use their sales networks and reach existing customers.
The company said this approach allows it to accelerate market penetration at a scale that would be difficult for a single organisation to replicate.
However, Anthropic acknowledged that relying on a limited number of partners and suppliers creates complex dynamics that could lead to conflicts of interest and adversely affect its access to computing resources.
Customer concentration poses another risk
Anthropic also disclosed significant concentration among its customers.
Two unnamed customers each accounted for 12% of the company’s revenue in 2025.
The AI developer warned that many of its largest customers are not bound by long-term contracts and could reduce or stop their spending.
Cloud providers also played a growing role in collecting outstanding customer payments.
They were responsible for collecting 60% of the $909 million in customer bills outstanding at the end of 2025, compared with 42% in 2024.
Anthropic is seeking a valuation of about $2 trillion and plans to spend hundreds of billions of dollars in the coming years to accelerate its growth.
