Key takeaways
- Cloud marketplaces handled nearly half of Anthropic's revenue
- Amazon and Google earned millions distributing Claude models
- IPO filing exposes growing dependence on AI competitors
Anthropic's revenue has grown at an extraordinary pace, but nearly half its business flows through technology companies that also compete against it.
The Claude developer generated $16.29 billion in revenue during the first six months of 2026, up from approximately $1.2 billion a year earlier. Yet 48% of that revenue came through cloud marketplaces operated by Amazon, Google and Microsoft.
According to Anthropic's October 26 SEC filing, that proportion increased from 11% in 2023 to 32% in 2024 and 47% in 2025.
The numbers reveal a financial contradiction behind one of the world's fastest-growing AI companies: Anthropic increasingly depends on businesses that fund, distribute, host and compete with its technology.
Amazon and Google Helped Generate $2.16 Billion in Sales
Anthropic's cloud marketplace model allows enterprise customers to purchase Claude through platforms they already use.
A business operating on Amazon Web Services, for example, can access Claude through AWS Bedrock instead of building a separate commercial relationship around an entirely new infrastructure provider.
The arrangement gives Anthropic access to established corporate customers, but it comes at a price.
In 2025, approximately $2.16 billion in sales passed through Amazon and Google's marketplaces. Reuters calculated that Anthropic paid the platforms about $351 million in distribution fees, equivalent to roughly 16 cents per marketplace dollar.
The payments create an important accounting distinction. Anthropic records the full marketplace sale as revenue, then reports the platform's fee as an expense.
Different accounting approaches have already complicated OpenAI comparisons, making revenue figures less directly comparable without examining distribution costs.
Anthropic's Investors Are Also Its Suppliers and Competitors
Amazon and Google occupy several positions in Anthropic's business simultaneously.
They provide computing infrastructure, distribute Claude, invest in Anthropic and develop competing AI products. This creates commercial advantages but also potential conflicts over pricing, computing capacity and access to customers.
The relationships help explain the enormous infrastructure costs behind Anthropic's growth.
During 2025, the company spent approximately $7.3 billion on computing and infrastructure while generating just $4.6 billion in revenue.
Its cloud financing arrangements also demonstrate why AI developers can commit billions to future computing capacity without owning the underlying facilities.
Why the IPO Makes Cloud Dependence More Important
The company's recent IPO filing gives prospective investors a clearer view of the risks behind its expanding sales.
Cloud marketplaces accounted for 58% of Anthropic's net accounts receivable at June 30, 2026, meaning a substantial share of customer payments depended on those platforms' billing systems.
The filing also reveals substantial customer concentration, adding another risk if major clients reduce AI spending.
Meanwhile, Anthropic continues expanding its computing capacity through agreements involving Broadcom, Google and other technology suppliers.
