Anthropic‘s IPO prospectus has revealed the AI developer’s significant reliance on a few tech giants and customers.
About 47% of Anthropic’s sales last year were routed through cloud partners Amazon (NASDAQ:AMZN) and Alphabet’s Google (NASDAQ:GOOGL) (NASDAQ:GOOG), Reuters reported, citing a confidential IPO filing. These tech behemoths are not only major investors in Anthropic but also its critical suppliers of computing power and direct competitors in AI.
The filing also showed that Anthropic’s revenue is highly concentrated, with two unnamed customers each accounting for 12% of last year’s revenue. The company also warned that major customers could cut or stop spending because many lack long-term contracts. It also acknowledged that relying on a small number of partners and suppliers could create conflicts of interest.
Despite the risks, Anthropic views these relationships as beneficial, stating that it can leverage the vast sales networks of Amazon, Google, and Microsoft Corp.’s (NASDAQ:MSFT) cloud platforms to reach customers and accelerate market penetration.
Anthropic, Google, Amazon and Microsoft did not immediately respond to Benzinga’s request for comments
Claude Usage Drives Anthropic Revenue
Anthropic’s revenue of $3.8 billion came from customers paying based on their usage of the company’s Claude AI system, while subscription revenue amounted to $789 million. The company anticipates consumption-based revenue to constitute “the substantial majority” of its revenue in the future, as per the filing.
Cloud marketplace sales generated roughly $2.16 billion, accounting for 47% of Anthropic’s 2025 annual revenue. By early 2026, its long-term commitments had surpassed $417 billion, covering 3.5 gigawatts of dedicated computing capacity.
Anthropic Faces Losses Despite Rapid Growth
Further details of the prospectus revealed Anthropic’s ambitious plans for AI, despite a net loss of $42 billion in 2025. The company plans to spend $518 billion on cloud, computing, and infrastructure obligations in the coming years. Despite revenue surging 12-fold to nearly $4.6 billion in 2025, it posted an operating loss of more than $8.06 billion, excluding fundraising-related write-downs.
Despite the risks and losses, tech analyst Dan Ives has called Anthropic’s IPO a watershed event that could benefit the entire technology sector. Ives said an Anthropic IPO could boost the broader tech sector by bringing greater transparency to the AI industry, while noting that investors will expect returns on the heavy upfront spending required for AI and data center infrastructure.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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