AI firm Anthropic's IPO filing reveals heavy reliance on Google, Amazon

Artificial intelligence company Anthropic, in its filings for an initial public offering (IPO), has revealed a substantial reliance on a small number of clients and major technology firms like Amazon and Google. The company is seeking significant capital from investors to fund its ambitious expansion plans, which it believes could reshape the global economy.

Last year, a substantial portion of Anthropic's customer revenue, nearly half, was generated through its partnerships with cloud service providers Amazon and Google. These companies act as sales channels, handle billing, supply critical computing power, and are also significant investors in Anthropic. Simultaneously, they are competitors in the AI landscape.

The IPO filing provides a rare glimpse into the operations of the rapidly growing AI developer. Anthropic is reportedly seeking a valuation of approximately $2 trillion and plans to invest hundreds of billions of dollars in scaling its operations. For 2025, the company projected revenues close to $4.6 billion, alongside operating losses exceeding $8 billion.

The majority of Anthropic's revenue, around $3.8 billion, comes from usage-based fees for its Claude AI system, with subscription revenue at $789 million. The company anticipates that usage-based fees will remain its primary revenue stream.

Sales facilitated through cloud platforms constituted 47% of revenue in 2025. While Anthropic views these partnerships as crucial for market penetration, it acknowledges the risks associated with dependence on a limited number of partners, potential conflicts of interest, and the impact on its access to computing resources.