Anthropic's Revenue Soars, but Operating Losses Worsen Amid Cloud Partnership Dependence
Anthropic's revenue skyrocketed 12-fold in 2025 to nearly $4.6 billion, but its operating losses more than doubled to exceed $8 billion. The AI developer routed 47% of its sales through cloud partners Amazon and Google last year, collecting approximately $351 million in distribution fees from Anthropic.
The two companies, major investors and suppliers of computing power for Anthropic, received roughly 16 cents for every dollar of sales through their cloud marketplaces. The total revenue generated through these partnerships totaled about $2.16 billion in 2025.
Anthropic's dependence on Amazon and Google has grown as revenue expanded, with sales through the two companies rising from 11% of revenue in 2023 to 32% in 2024, reaching nearly half last year.