Anthropic generated 48% of its revenue through cloud marketplace sales involving Alphabet’s Google, Amazon and Microsoft in the first half of 2026, up from 11% in 2023, according to the artificial intelligence company’s initial public offering (IPO) filing published on Monday.
The filing highlights the company’s growing reliance on major cloud providers for revenue distribution, computing infrastructure and access to customers, despite the providers also competing with Anthropic in the artificial intelligence market.
Anthropic reported sales of $11.6 billion in the second quarter, alongside an operating profit of $974 million. It also disclosed that payments to channel partners, including cloud providers, increased by $2.7 billion in the first half of 2026 compared with the same period a year earlier.
Under the arrangement, cloud providers bill customers for Anthropic’s services before transferring the payments to the company after deducting their fees.
The filing describes the cloud providers as “investors, customers, distribution partners and competitors” simultaneously, reflecting the complex relationships underpinning Anthropic’s business.
Amazon has invested approximately $18 billion in Anthropic and committed up to an additional $15 billion, subject to certain conditions. It also holds convertible notes that could be converted into as many as 1.84 billion Anthropic shares, representing approximately 10.9 per cent of fully diluted shares as of June.
However, a provision prevents the notes from converting if doing so would increase Amazon’s total ownership above 12 per cent.
Google, meanwhile, has invested approximately $23 billion in Anthropic and committed a further $20 billion tied to performance targets. Its ownership stake is capped at 14.99 per cent under its latest financing agreement.
Anthropic has also committed to substantial long-term spending on computing infrastructure, pledging at least $114.5 billion with Google through 2033, $110 billion with Amazon through 2036 and $44.9 billion with Microsoft.
The company warned in its IPO filing that the cloud providers have “visibility into our pricing and commercial terms” and could favour their own artificial intelligence models over its Claude products.
Anthropic relies on Amazon’s data centres and chips to train Claude, while Amazon distributes the models through its Bedrock platform. The company also uses Google’s custom artificial intelligence chips, with Google selling Claude through its cloud platform.
The disclosures underline Anthropic’s dependence on major technology companies for both infrastructure and distribution, while those same companies maintain their own artificial intelligence offerings in a market where commercial partnerships and competition increasingly overlap.
