Anthropic’s confidential IPO prospectus highlights a significant concentration of its business within a few major technology partners and customers. According to a report by Reuters citing the filing, approximately 47% of the company’s sales were routed through cloud partners Amazon and Alphabet’s Google last year.
The filing details that revenue is highly concentrated, with two unnamed customers each accounting for 12% of last year’s total revenue. The company also warned that major customers could cut or stop spending because many lack long-term contracts. Additionally, Anthropic acknowledged that relying on a small number of partners and suppliers could create conflicts of interest.
Despite these risks, the company views these relationships as beneficial, stating it can leverage the vast sales networks of Amazon, Google, and Microsoft’s cloud platforms to reach customers and accelerate market penetration.
Financial data from the filing shows that Anthropic’s revenue reached nearly $4.6 billion in 2025, a 12-fold increase from the previous year. However, the company reported a net loss of $42 billion for that period. Subscription revenue amounted to $789 million, while consumption-based revenue, driven by usage of the Claude AI system, accounted for the majority of the total. The filing also noted that cloud marketplace sales generated roughly $2.16 billion, representing 47% of the 2025 annual revenue.
Looking ahead, Anthropic anticipates consumption-based revenue to constitute the “substantial majority” of its revenue in the future. By early 2026, the company’s long-term commitments had surpassed $417 billion, covering 3.5 gigawatts of dedicated computing capacity. The company plans to spend $518 billion on cloud, computing, and infrastructure obligations in the coming years.
