Anthropic’s planned public listing is offering investors an unusually detailed view of the business behind Claude, revealing a company growing rapidly while relying heavily on a small group of technology giants for customers, computing capacity and distribution.
The company’s confidential Anthropic IPO prospectus shows that Amazon and Google played a major role in Anthropic’s sales in 2025. Together, the two cloud platforms handled about 47% of Anthropic’s sales, worth roughly $2.16 billion. Both companies are also major investors in Anthropic, suppliers of computing infrastructure and competitors in the artificial intelligence market.
Revenue Has Expanded Rapidly
Anthropic IPO has experienced extraordinary growth as demand for generative AI systems has accelerated.
The company’s revenue increased roughly twelvefold in 2025 to almost $4.6 billion. At the same time, its operating losses more than doubled to above $8 billion, showing the enormous cost involved in developing and operating advanced AI models.
Most of Anthropic’s revenue comes from customers paying according to their use of Claude. That consumption-based business generated about $3.8 billion in 2025, compared with $789 million from subscriptions.
Anthropic expects usage-based revenue to remain the dominant part of its business for the foreseeable future.
Amazon and Google Have Become Central to the Business
Anthropic’s relationship with Amazon and Google goes beyond conventional cloud partnerships.
The companies help distribute Claude to customers through their cloud marketplaces and collect payments on Anthropic’s behalf. At the same time, both are major investors and provide computing infrastructure that Anthropic needs to operate its AI models.
This creates a tightly connected business relationship in which Anthropic depends on companies that also compete in the broader AI market.
The proportion of Anthropic IPO revenue flowing through Amazon and Google has increased sharply, rising from 11% in 2023 to 32% in 2024 and nearly half in 2025.
Cloud Distribution Comes With Significant Costs
The cloud marketplace model has helped Anthropic reach customers without building its own global sales infrastructure.
But that distribution comes at a cost.
Anthropic paid approximately $351 million in distribution fees to cloud platforms in 2025, according to an analysis of the filing. That represents roughly 16 cents for every dollar of the $2.16 billion in sales routed through those marketplaces.
The arrangement allows Anthropic to access the established customer networks of major cloud providers, but it also means that a substantial portion of its commercial activity depends on external platforms.
Computing Commitments Are Growing Dramatically
The company’s dependence extends even further into infrastructure.
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 approximately 3.5 gigawatts of dedicated computing capacity.
A separate disclosure in the prospectus shows that Anthropic expects to commit at least $518 billion over a decade to AI infrastructure with six partners. Around 80% of that amount is described as non-cancellable or otherwise payable regardless of actual usage.
The scale reflects the enormous computing requirements of advanced AI development.
Amazon, Google and Microsoft Are Key Infrastructure Partners
Anthropic IPO long-term infrastructure obligations include major commitments to three of the world’s largest technology companies.
The prospectus indicates planned spending of at least $111.1 billion with Google, $110 billion with Amazon and $31.4 billion with Microsoft under long-term infrastructure arrangements covering the next seven to ten years.
These agreements provide Anthropic with access to computing resources needed to train and operate increasingly sophisticated AI systems.
They also create substantial financial obligations that the company must manage as it scales.
Customer Concentration Creates Another Risk
Anthropic IPO is not only dependent on a small number of technology partners. Its customer base is also concentrated.
Two unnamed customers each accounted for 12% of Anthropic’s 2025 revenue, according to the prospectus.
The company warned that many of its largest customers do not have long-term contracts and could reduce or stop their spending. That creates an additional source of revenue uncertainty, particularly because much of Anthropic’s business depends on customers paying according to their level of AI usage.
Cash Collection Is Increasingly Tied to Cloud Platforms
The cloud relationships also play an important role in Anthropic’s cash flow.
At the end of 2025, Amazon, Google and other third parties were responsible for collecting around 60% of Anthropic’s $909 million in outstanding customer bills, up from 42% in 2024.
Anthropic IPO warned that disputes or delays involving those payment channels could affect its cash flow, even when the underlying customer contracts are directly with Anthropic.
A Complex Relationship With Big Tech
Anthropic’s dependence on large technology companies creates a distinctive structure.
Its biggest infrastructure suppliers can also be investors, distribution partners and customers. Some are also developing competing AI systems.
Anthropic itself acknowledges that these relationships can create conflicts of interest and could affect access to computing resources.
At the same time, the company argues that the partnerships give it access to enormous sales networks and infrastructure that would be difficult to replicate independently.
Anthropic Is Betting Billions on AI Growth
The company’s aggressive infrastructure commitments reflect its expectations for the future of AI.
Anthropic believes demand for advanced AI systems will continue rising and that access to computing capacity could become one of the biggest constraints on the industry’s expansion.
That expectation explains why the company is willing to commit enormous sums to cloud and computing infrastructure years in advance.
The strategy, however, also increases the financial consequences if AI demand grows more slowly than expected.
The IPO Will Put the Business Model Under Greater Scrutiny
Anthropic is seeking a valuation of around $2 trillion as it prepares for a potential public listing. The prospectus gives investors a detailed look at both sides of the company’s rapid expansion.
On one side, revenue is growing at extraordinary rates and Claude has become a major player in the generative AI market. On the other, Anthropic is operating with large losses, enormous infrastructure commitments and significant dependence on a small group of technology partners and customers.
The company’s public-market story will therefore depend not only on how quickly AI demand grows, but also on whether Anthropic can turn that demand into a business that becomes less dependent on a handful of powerful partners while managing the massive cost of computing.
As Anthropic moves toward a potential IPO, its prospectus makes one point increasingly clear. Building a leading AI model requires access to vast amounts of capital, computing power and distribution, and those requirements have created an unusually close financial relationship between the AI developer and the technology giants that surround it.
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