Anthropic relies on Google, Amazon and Microsoft for nearly half its revenue
Investing.com -- Anthropic PBC earned 48% of its revenue in the first half of 2026 from sales through the cloud marketplaces of Alphabet Inc.'s Google, Amazon.com Inc. and Microsoft Corp. This was up from 11% in 2023, according to the company's IPO filing published on Monday.
The artificial intelligence company paid its sales partners, including cloud providers, $2.7 billion more in the first half of 2026 than it did in the same period a year earlier. These cloud providers charge customers and then pass the money to Anthropic after taking their fees.
Anthropic reported $11.6 billion in sales and an operating profit of $974 million in the second quarter. Its IPO filing describes the cloud providers as "investors, customers, distribution partners and competitors" at the same time.
Amazon has invested about $18 billion in Anthropic and has agreed to invest up to another $15 billion if certain conditions are met. Amazon holds convertible notes that could turn into as many as 1.84 billion Anthropic shares. That would equal about 10.9% of all shares, including shares that could be issued later, as of June. A rule prevents the notes from turning into shares if that would raise Amazon's total ownership above 12%.
Google has invested about $23 billion in Anthropic and has agreed to provide another $20 billion if certain performance goals are met. Under its latest financing deal, Google's ownership stake cannot exceed 14.99%.
Anthropic has agreed to spend at least $114.5 billion with Google through 2033, $110 billion with Amazon through 2036, and $44.9 billion with Microsoft on computing power.
The filing warns that these cloud companies can see "visibility into our pricing and commercial terms" and might favor their own AI models over Anthropic's. Anthropic uses Amazon's data centers and chips to train its Claude AI models, and Amazon offers Claude through its Bedrock platform. Anthropic also uses Google's specially designed AI chips, and Google sells Claude through its own cloud platform.