Anthropic's Initial Public Offering (IPO) document highlighted the company's high degree of dependence on a limited circle of clients and technology giants. The report details that Amazon and Google play crucial roles in distributing Anthropic's products, providing computational power, and managing client billing, while simultaneously being major investors and direct competitors in the artificial intelligence (AI) sector.
According to a copy of the confidential IPO filing obtained by Reuters, 47% of Anthropic's revenue from clients in 2025 was channeled through the cloud marketplaces of Amazon and Google. These two corporations are also vital sources of computational capacity for Anthropic, having invested billions of dollars in the AI developer, which, in return, has committed to long-term agreements to acquire computing infrastructure.
Anthropic aims for a market valuation close to US$ 2 trillion (equivalent to R$ 10.4 trillion) and plans to inject hundreds of billions of dollars in the coming years to drive its expansion. Specifically, sales made via the Amazon and Google cloud marketplaces totaled about US$ 2.16 billion (R$ 11.2 billion) in 2025, representing exactly 47% of the company's annual revenue.
An analysis conducted by Reuters indicated that Anthropic disbursed approximately US$ 351 million (R$ 1.8 billion) in distribution fees to these platforms, corresponding to about US$ 0.16 for every dollar sold through these channels. These costs are recorded by Anthropic under operating expenses related to sales, marketing, and partnerships.
This dependence has grown sharply in recent years. In 2023, sales mediated by Amazon and Google represented only 11% of Anthropic's revenue; this percentage rose to 32% in 2024 and reached almost half of the revenue in 2025.
Complex Financial Structure
This arrangement establishes a unique financial configuration: the two giants invest in Anthropic, provide computational resources, and assist in marketing its products, while simultaneously competing with it in the development of AI systems. The prospectus admits that reliance on a limited number of partners and suppliers generates 'complex dynamics that can create conflicts of interest and negatively impact our access to computational capacity.'
Anthropic's dependence goes beyond just distribution. By the end of 2025, the company had US$ 54.6 billion (R$ 284.2 billion) in unconditional hosting and computing obligations. At the beginning of 2026, the total amount of these long-term commitments exceeded US$ 417 billion (R$ 2.1 trillion), covering 3.5 gigawatts of dedicated computing capacity. Additionally, the company signed a cloud computing agreement with Microsoft in November.
In the document, Anthropic frames the relationship with Amazon, Google, and Microsoft as a commercial advantage. By placing Claude on these companies' platforms, the developer leverages the giants' sales networks to reach customers who already use their services, accelerating market penetration on a scale difficult to replicate in isolation.
However, the cloud providers gain visibility into the pricing and commercial terms applied by Anthropic. According to the document, this information can influence decisions regarding the allocation of computational capacity and the level of effort exerted by the companies themselves in promoting the company's products. It is relevant to note that the cloud providers are also among Anthropic's clients.
Concentration is also observed in how payments are processed. Amazon and Google were responsible for collecting 60% of the US$ 909 million (R$ 4.7 billion) in accounts receivable at the end of 2025, compared to 42% in 2024. Anthropic warns that any delays or disputes in this payment flow could harm its cash flow, even when contracts are closed directly between the company and its clients.
The consumer base also shows concentration: two unspecified clients were individually responsible for 12% of the company's revenue in 2025. The company also signals that many of its largest clients do not have long-term contracts and may choose to decrease or suspend the use of its services.
Accounting Implications and Competition
The agreements with cloud platforms complicate the financial comparison between Anthropic and its main rival, OpenAI. Anthropic records the total value of contracts closed through cloud marketplaces as revenue. Although the customer accesses Claude through the provider's platform, Anthropic sets the price and provides the service, recording the portion passed on by the platforms as a marketing expense.
OpenAI has already informed investors and employees that this method makes Anthropic's reported revenue appear higher by billions of dollars. For its part, Anthropic informed Reuters that it follows established accounting practices and recognizes gross revenue because it is the 'principal' entity in the transaction.