Anthropic IPO prospectus lays bare deep dependence on Big Tech partners

Anthropic's IPO filing shows that 47 percent of its 2025 sales—$2.16 billion—flowed through the cloud marketplaces of Amazon and Google, which are simultaneously investors, computing suppliers, distributors and potential competitors. Anthropic paid those marketplaces $351 million in fees.

The filing reports $4.6 billion in 2025 revenue, more than $8 billion in operating losses, $54.6 billion in non-cancelable hosting and compute commitments at year-end, and more than $417 billion in longer-term commitments by early 2026. Two customers each accounted for 12 percent of revenue, making the prospectus unusually concrete about the dependency structure beneath the AI boom.