Anthropic's IPO Reveals Heavy Dependence on Big Tech Partners
Anthropoc's confidential initial public offering prospectus has revealed its significant dependence on a small group of big tech partners and clients, according to Reuters.
The hyperscalers Amazon (AMZN) and Google (GOOG)(GooGL) have benefited from this partnership. Anthropic routed 47% of its sales to customers in 2025 through these two cloud partners, with sales totaling $2.16B. In return, Anthropic paid about $351M, or approximately 16 cents per dollar, in distribution fees back to these cloud partners in 2025.
Sales through Amazon and Google have surged every year, from 11% of revenue in 2023 to 32% in 2024 to nearly 50% in 2025. In addition, two unnamed customers accounted for 12% of Anthropic's total revenue in 2025.
This partnership has led to significant investments from both Amazon and Google in Anthropic. The company's reliance on these partners raises questions about its long-term sustainability and potential risks associated with over-reliance on a few key relationships.