IPO filing shows Anthropic relies on Amazon and Google Cloud
Anthropic, the company behind Claude AI, just revealed in its IPO filing that it relies a lot on Amazon and Google Cloud for its tech.
Nearly half of Anthropic's nearly $4.6 billion in revenue in 2025 came from these partnerships, but it is a bit complicated since Amazon and Google are also investors.
This close relationship gives Anthropic access to huge customer bases, but could mean tricky conflicts down the line.
Anthropic sees over $417B cloud bills
Anthropic has locked itself into massive cloud bills ($54.6 billion by the end of 2025, jumping to more than $417 billion in 2026) and paid out $351 million in distribution fees already.
Anthropic's customer base is concentrated; two unnamed customers each generated 12% of revenue last year, and many of its biggest customers are not bound by long-term contracts.
Even so, Anthropic is betting big on growth: it generated nearly $4.6 billion in revenue last year.