Anthropic relies on Google, Amazon and Microsoft for nearly half its revenue

Anthropic PBC generated 48% of its revenue through cloud marketplace sales from Alphabet Inc.'s Google, Amazon.com Inc. and Microsoft Corp. in the first half of 2026, up from 11% in 2023, according to the company's IPO filing published Monday.

The artificial intelligence company paid $2.7 billion more to channel partners, including the cloud providers, in the first half compared to a year earlier. The cloud providers bill customers and transfer payments to Anthropic after deducting their fees.

Anthropic reported sales of $11.6 billion in the second quarter with an operating profit of $974 million. The company's IPO filing describes the cloud providers as "investors, customers, distribution partners and competitors" simultaneously.

Amazon has invested about $18 billion in Anthropic and committed up to an additional $15 billion subject to certain conditions. The company holds convertible notes that could convert into as many as 1.84 billion Anthropic shares, equal to about 10.9% of fully diluted shares as of June. A provision prevents the notes from converting if doing so would push Amazon's total ownership above 12%.

Google has invested about $23 billion in Anthropic and committed an additional $20 billion tied to performance targets. Its stake is capped at 14.99% under its latest financing deal.

Anthropic has committed to spend at least $114.5 billion with Google through 2033, $110 billion with Amazon through 2036 and $44.9 billion with Microsoft for computing power.

The filing warns that the cloud companies have "visibility into our pricing and commercial terms" and could favor their own AI models. Anthropic uses Amazon data centers and chips to train its Claude models, while Amazon offers Claude through its Bedrock platform. The company also uses Google's custom AI chips, and Google sells Claude through its cloud platform.