Key points
- The cloud marketplace channel accounted for nearly half of Anthropic's revenue.
- Amazon and Google generated millions of dollars in revenue by distributing the Claude model.
- IPO filing shows Anthropic's reliance on AI competitors is growing.
Anthropic's revenue is growing at an astonishing rate, but nearly half of its business flows through tech companies that are also its competitors.
The developer of Claude generated $16.29 billion in revenue in the first half of 2026, up by approximately $1.2 billion year-over-year. However, 48% of this revenue came from cloud marketplaces operated by Amazon, Google, and Microsoft.
According to a filing submitted by Anthropic to the U.S. Securities and Exchange Commission on October 26, this percentage increased from 11% in 2023 to 32% in 2024, and reached 47% in 2025.
These figures reveal a financial paradox behind one of the world’s fastest-growing AI companies: Anthropic is increasingly reliant on enterprises that provide it with funding, distribution, and hosting services—while also competing 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 are already using.
For example, a business running on Amazon Web Services can access Claude through AWS Bedrock without establishing separate business relationships with a new infrastructure provider.
This arrangement allows Anthropic to access established enterprise customers, but it comes at a cost.
In 2025, approximately $2.16 billion in sales were completed through Amazon and Google’s marketplaces. Reuters calculated that Anthropic paid about $351 million in distribution fees to these platforms, equivalent to about 16 cents going to the platforms for every dollar of sales on the cloud marketplaces.
These payments create an important accounting distinction. Anthropic records the full amount of sales on the cloud marketplace as revenue, then lists the platform fees as an expense.
Different accounting treatments have complicated comparisons with OpenAI, so revenue figures are not directly comparable without examining distribution costs.
Anthropic’s investors are also its suppliers and competitors.
Amazon and Google both hold multiple roles in Anthropic's business.
They provide computing infrastructure, distribute Claude, invest in Anthropic, and develop competing AI products themselves. This offers commercial advantages but may also create potential conflicts in pricing, computing capacity, and customer acquisition.
These relationships also explain the substantial infrastructure costs behind Anthropic's growth.
In 2025, the company spent approximately $7.3 billion on computing and infrastructure, while its revenue during the same period was only $4.6 billion.
Its cloud financing arrangement also explains why AI developers can commit billions of dollars to secure future computing capacity without owning the underlying infrastructure.
Why IPOs have brought greater attention to cloud dependency issues
The company's recent IPO filing has given potential investors a clearer view of the risks behind its sales expansion.
The document also indicates a high concentration of customers, which poses another risk if major clients reduce their AI spending.
Meanwhile, Anthropic continues to expand its computing capacity through agreements with Broadcom, Google, and other technology suppliers.
Adrian Cole
Adrian Cole has been covering financial markets for over six years, with a focus on cryptocurrencies, equities, and macroeconomic trends. He tracks Bitcoin, major altcoins, U.S. stocks, interest rates, commodities, and the data driving market volatility. Over the years, he has written hundreds of market updates and analytical articles, emphasizing price movements, investor sentiment, and the connections between traditional finance and digital assets.