Omanghana
Anthropic generated 47% of its 2025 sales through Amazon and Google’s cloud marketplaces, according to a confidential IPO prospectus reviewed by Reuters.
The disclosure highlights its reliance on companies that serve as investors, computing suppliers, distribution partners and competitors.
Marketplace sales reached approximately $2.16 billion, with distribution fees totaling about $351 million. The share of revenue flowing through the two partners increased from 11% in 2023 to 32% in 2024.
Amazon and Google also handled collection of 60% of Anthropic’s outstanding customer bills at the end of 2025, exposing it to potential payment delays.
Anthropic’s accounting treatment has drawn criticism from OpenAI. It records the full value of marketplace contracts as revenue and classifies partner fees as operating expenses. OpenAI argues this overstates revenue, while Anthropic maintains that established accounting rules permit gross recognition because it is the transaction’s principal.
Revenue reached nearly $4.6 billion in 2025, while operating losses exceeded $8 billion. Long-term computing commitments surpassed $417 billion by early 2026.
Anthropic says cloud partnerships expand its customer reach, but acknowledges potential conflicts of interest and risks to computing access.
Source: Omanghana
