Anthropic's Revenue Structure Reveals Heavy Reliance on Amazon and Google

Anthropic's IPO prospectus revealed its revenue structure, showing that nearly half of its sales come from Amazon and Google cloud marketplaces. In 2025, Anthropic generated approximately $2.16 billion in sales through these platforms, accounting for 47% of its full-year revenue.

This represents a significant increase from 32% in 2024 and 11% in 2023, as the company's reliance on cloud platform channels deepens with its Claude business expansion.

The company expects usage-based pricing to remain the primary component of its future revenue, with approximately $3.8 billion of its revenue coming from customers' actual usage of the Claude model and subscription revenue accounting for less than 20% at about $789 million.