Anthropic Cloud Marketplace Revenue Hits 48% [2026]
Nearly half of the money Anthropic earns from sales now comes through other companies' online cloud stores. Bloomberg reported on October 26 that sales by Anthropic PBC through the cloud marketplaces of Alphabet Inc.'s Google, Amazon.com Inc. and Microsoft Corp. made up 48% of its revenue in the first half of 2026. In 2023, these sales accounted for 11% of its revenue.
This news comes as Anthropic prepares paperwork for a public stock offering. We covered another part of that story in our article about Anthropic's IPO filing and the training pause. Here, we focus on the money: how Anthropic earns revenue through cloud marketplaces, why that share grew so much, what $269.4 billion in spending commitments means, and which companies have the most influence. Every figure below comes from named news sources or simple calculations based on their figures. I also point out where the available reports leave questions unanswered.
Anthropic Cloud Marketplace Revenue Reaches 48% in H1 2026
The main figure is easy to understand. In the first six months of 2026, 48% of Anthropic's revenue came from sales through Google's, Amazon's and Microsoft's cloud marketplaces. In 2023, these sales made up 11%. That is a rise of 37 percentage points in three years, turning a small sales channel into a major one.
Yahoo Finance described the story as Anthropic depending on Google, Amazon and Microsoft for nearly half its revenue. That is a fair description. At 48%, the share is just below half, and it has been growing. If it keeps rising at anything like the pace of the past three years, the three cloud companies could account for more than half of Anthropic's sales before the end of 2027. That is my own estimate based on the trend, not a forecast reported by the sources. The reports do not provide a forecast.
The same three companies are also among Anthropic's biggest suppliers. They provide much of the computing power it needs and resell its products. Few software companies depend on the same three businesses for both computing resources and sales. This overlap is the main issue throughout this analysis.
How the Cloud Marketplace Model Works
Understanding how the system works helps explain why customers like it. According to the reports, customers can buy access to Anthropic's Claude models through cloud accounts they already use. The cloud provider charges the customer, keeps a fee, and sends the remaining money to Anthropic.
This makes buying easier for large companies. They do not need to approve a new supplier, carry out a separate security review for a new billing relationship, or add another vendor to their purchasing system. Claude's cost appears on the same bill as cloud storage and computing. The purchase may also count toward spending commitments the customer has already made to its cloud provider. I have not seen those terms explained in the reports about Anthropic's filing, so the last point reflects common industry practice rather than a confirmed detail about Anthropic.
Amazon sells access to Claude through Amazon Bedrock. Google offers Claude through its cloud platform. Microsoft is the third marketplace included in the 48% figure. Anthropic also sells directly through its own apps and API. Based on simple subtraction, direct sales and other revenue sources accounted for the remaining 52% of first-half revenue.
From 11% to 48%: The Numbers Behind the Shift
Reports about Anthropic's finances show a clear increase, although the figures do not all measure exactly the same thing. The 2023 and 2026 figures cover Google, Amazon and Microsoft. The figures for 2024 and 2025 come from a separate report and cover only Amazon and Google. This difference matters when comparing the numbers.
| Period | Share of revenue via cloud marketplaces | Marketplaces counted | Reported dollar figure |
|---|---|---|---|
| 2023 | 11% | Amazon, Google (and Microsoft per 2026 framing) | Not given |
| 2024 | 32% | Amazon, Google | Not given |
| 2025 | 47% (nearly half) | Amazon, Google | About $2.16 billion |
| H1 2026 | 48% | Amazon, Google, Microsoft | Not given |
Two things stand out. First, the share rose sharply from 11% to 32% in one year. But the increase from 47% in 2025 to 48% in the first half of 2026 suggests that growth in this share may have slowed. Second, adding Microsoft to the 2026 figure barely changed the percentage. This suggests that Amazon and Google account for most of these sales. However, the reports do not show how the 48% is divided among the three providers, so I will not guess at the numbers.
What the 2025 Figure Tells Us
A separate report estimated that Anthropic made about $2.16 billion in 2025 sales through Amazon and Google, equal to 47% of its sales that year. This is the only specific dollar amount for marketplace sales in the material I reviewed. I will not compare it directly with the second-quarter figure below because the numbers come from different reports and may use different definitions of revenue.
Q2 Results: $11.6 Billion in Sales, $974 Million in Operating Profit
Reports about Anthropic's public-offering filing also offer a rare look at its profits. Yahoo Finance and other outlets reported that Anthropic made $11.6 billion in sales in the second quarter and recorded $974 million in operating profit. This means Anthropic was making an operating profit, which is unusual for a leading AI research company.
| Metric (Q2 2026) | Reported value | Derived value | Basis |
|---|---|---|---|
| Sales | $11.6 billion | $46.4 billion if repeated four times | Simple multiplication, not a forecast |
| Operating profit | $974 million | About 8.4% operating margin | 974 divided by 11,600 |
| Marketplace share (H1) | 48% | 52% direct and other | Subtraction |
An operating profit margin of 8.4% is small compared with that of established software companies. It also leaves less room for problems than the profit figure alone might suggest. One reason is how the business works. When 48% of revenue comes through resellers that keep a fee, Anthropic receives less of each customer's payment than it would from a direct sale. And because much of its computing bill goes to those same companies, they affect its finances on both the sales and cost sides.
The reports I reviewed do not explain whether Anthropic records marketplace sales as the full amount paid by customers or only the amount left after the cloud provider's fee. This accounting choice affects how we should understand its profit margin. Analysts are likely to ask about it when the full financial statements become public.
$269.4 Billion in Compute Commitments to Three Clouds
Anthropic's reliance on these companies goes beyond sales. It 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. Together, these commitments total $269.4 billion. Citybiz's report on Anthropic's cloud partners and growing computing commitments covers both issues. That makes sense because the same companies are Anthropic's customers' sales channels, its suppliers and the businesses providing its computing resources.
| Cloud partner | Minimum commitment | Runs through | Share of $269.4B total | Role in Claude |
|---|---|---|---|---|
| $114.5 billion | 2033 | 42.5% | Custom AI chips for Anthropic, sells Claude on its cloud platform | |
| Amazon | $110 billion | 2036 | 40.8% | AWS data centers and chips for training and running Claude, sells it via Bedrock |
| Microsoft | $44.9 billion | Period not confirmed | 16.7% | Third marketplace in the 48% figure |
| Total | $269.4 billion | Mixed | 100% | Compute supplier and sales channel |
The available reports do not confirm how long Anthropic's spending commitment with Microsoft lasts, so the table leaves that period unspecified. Comparing the three amounts on a yearly basis would be misleading because the start dates are not available. The figures do clearly show how the commitments are divided: Google and Amazon together account for about 83% of the total, while Microsoft accounts for about 17%.
Amazon: Chips, Data Centers and Bedrock
Anthropic uses Amazon Web Services data centers and chips to train and run Claude. Amazon also sells Claude through Bedrock. This makes Amazon both a supplier and a place where customers can buy the product. The relationship also depends on available computing capacity. Our earlier report on AWS capacity being largely sold out for 2027 shows how difficult it has become to secure these resources. Anthropic's $110 billion commitment through 2036 is one way to secure access to them.
Google: Custom Chips and a Cloud Storefront
Anthropic uses Google's custom AI chips, and Google sells Claude through its cloud platform. Google's $114.5 billion commitment is the largest of the three. Google also sells its own AI models, which compete for the same business customers. This creates an unusual situation. Google can earn money when a customer buys Claude through its cloud platform, and it can also earn money when that customer chooses Gemini instead.
Why Enterprises Buy Claude Through Their Existing Cloud Accounts
The rise to 48% does not mean Anthropic stopped selling through its own sales team. Instead, customers can often buy Claude most easily through the cloud accounts they already use. A chief information officer at a company with a long-term agreement with AWS, Google Cloud or Azure may be able to add Claude with just a few clicks. The process can be even easier when the company's security team has already approved how the cloud provider handles data.
I see three possible reasons for this trend. These are my own interpretations of how the system works, not findings reported by the sources. The first is simpler purchasing, because companies have fewer steps to complete. The second is data location and control, since companies may prefer to keep prompts and answers inside cloud systems they already manage. The third is budgeting, because cloud spending may come from a different budget than a separate software contract.
Model quality still matters once a customer starts comparing options. Developers consider price, speed and ability when choosing between models. Our comparison of DeepSeek and Claude API prices shows how closely these products compete on price. The marketplace makes Claude easy to find and buy. Its performance and price determine whether customers keep using it.
The Circular Money Flow Between Anthropic and Its Clouds
Consider what happens to one dollar. A company pays Amazon to use Claude through Bedrock. Amazon keeps a fee and sends the rest to Anthropic. Anthropic then spends a large part of its revenue back on Amazon's computing resources to train and run Claude. The same kind of cycle operates through Google and, according to the reports, Microsoft.
This does not mean the revenue is made up. Customers pay real money for a real service. But the cycle links Anthropic's financial health to that of its three largest business partners more closely than a typical supplier relationship would. Investors reading the filing will want to know how much of the $269.4 billion in commitments is fixed and how much changes with usage. The reports describe the commitments as minimum amounts, suggesting that Anthropic must spend at least those amounts even if marketplace sales perform poorly.
This is happening during a much larger wave of spending on computing infrastructure. Bank of America's estimate that data center spending could reach $2.1 trillion by 2028 shows the scale of the market in which Anthropic's $269.4 billion in commitments sits. Spending commitments this large only make sense if demand continues to grow. Cloud marketplaces are one important source of that demand.
Competitive Comparison: Three Clouds, Three Different Stakes
Each cloud partner gains something different from the agreement, and each faces a different conflict of interest. Amazon's position looks the simplest on paper because it sells Claude through Bedrock and supplies the chips and data centers needed to run it. Its commitment lasts the longest, through 2036, giving it a strong claim on Anthropic's future computing needs.
Google has the largest spending commitment and competes most directly with Anthropic through its own AI models. A customer using Google Cloud can choose Claude or Google's models, and Google earns money either way. Microsoft has the smallest commitment, at $44.9 billion, but it has a large base of business software customers. Its CEO has promoted a strategy based on AI agents and a wide range of models. We covered this in our report on Nadella's AI agent strategy and the catalog of 11,000 models. Claude fits well with Microsoft's plan to offer many different models.
For Anthropic, selling through three cloud providers reduces its dependence on any single one. That is an advantage. But all three providers are also developing or buying competing AI models, so their influence goes beyond ordinary business relationships. If a partner starts promoting its own model more aggressively, Anthropic could face pressure in both computing supply and sales.
Historical Context: How Anthropic Ended Up Here
Anthropic did not begin as a business built around cloud marketplaces. It developed Claude and sold access through an API. It then found that many of the large business customers it wanted were already using AWS, Google Cloud and Azure. The 11% figure for 2023 shows that cloud marketplaces were initially a small sales channel. By 2024, the share for Amazon and Google alone had reached 32%, and by 2025 it was close to half.
Anthropic's need for computing power grew along a similar path. Training advanced AI models requires a large, steady supply of specialized chips, and few companies can pay for all that capacity on their own. Cloud partnerships gave Anthropic both chips and a way to reach customers. In return, it agreed to spend billions with those providers. This deal made sense when the alternative was not having enough computing power. It looks like a heavier burden now that the commitments extend through 2033 and 2036.
Other Anthropic stories this month show similar pressures from different angles. Our report on the Mythos delay and the 40 organizations given early access describes a company dealing with capacity limits and risks at the same time. Computing shortages are also affecting the wider industry. Our article on Pichai's comments that computing capacity will remain tight into 2027 explains why companies that need computing power see long-term commitments as necessary.
Risks Investors Will Weigh
The biggest concern is how much Anthropic depends on a small number of companies. Three partners handle nearly half its sales and supply much of its computing power. A pricing dispute or a change in strategy by any one of them could directly affect Anthropic. Business Insider's report, titled nearly half of Anthropic's revenue comes through Big Tech rivals ahead of its IPO, uses the word "rivals" to describe this tension. These companies compete with Anthropic's models while also selling its products.
The second concern is the fee charged by cloud providers. Anthropic shares part of the money from each marketplace sale with the provider. The reports confirm that the providers keep a fee, but I could not find the fee amount. Without that information, I cannot calculate its effect on profits. If marketplace sales grow from 11% to 48% of revenue, any increase in those fees would affect a larger share of Anthropic's business.
The third concern is the minimum spending commitments. Anthropic has committed to spend at least $269.4 billion across the three cloud providers over a long period. If demand for Claude grows faster than expected, these commitments could prove worthwhile. If demand slows, the required spending could become a heavy cost, especially when the operating profit margin was about 8.4% in the latest reported quarter.
What It Means for Developers and Enterprise Buyers
For business customers, the short-term message is practical. Claude is available through the cloud platforms many large companies already use, making it easier to start using the service. However, customers should compare prices and features across different buying options. A cloud marketplace listing may not offer every feature available through the model maker's own API, or it may receive new features later. I did not check whether the features are identical for this article, so customers should review each platform's documentation before making a long-term commitment.
For developers, the buying route can affect usage limits, which regions are supported and how billing works. A team that wants one bill and one set of access controls may prefer a cloud marketplace. A team that wants to use new model releases as soon as possible may prefer buying directly. Anthropic's recent Claude releases have kept this choice important. Our comparison of Claude Opus 5.5 and GPT-6 Sol for AI agents explains how the newest models compare for agent-based work.
Finance and purchasing teams should also consider their own dependence on suppliers. A company that runs its entire AI system through one cloud provider and one model maker faces a risk similar to Anthropic's dependence on its cloud partners. Using several models is still a common way to reduce this risk.
Market Impact on Alphabet, Amazon and Microsoft
For the major cloud companies, Anthropic's filing supports the idea that cloud marketplaces are a valuable way to sell AI services. Each company can point to Anthropic as a large and growing source of marketplace sales and as a customer that has promised to spend heavily on computing. The relationship adds to cloud revenue and supports the argument that growing demand for AI justifies very large investments in computing infrastructure.
I am not reporting any changes in their share prices because the sources I reviewed do not provide that information. However, all three companies are due to report earnings soon, and analysts may ask how much of their cloud growth depends on one AI company. Our calendar report on Alphabet, Microsoft and Amazon reporting on October 28 and 29 explains when the companies may publicly answer these questions.
The dependence also works in the other direction. If Anthropic generates a large amount of marketplace sales and demand for computing power, a setback at Anthropic could affect its partners too. Dependence works both ways. With $269.4 billion in spending commitments, Anthropic is a very large customer, and large customers can also have influence over their suppliers.
Five Predictions for Anthropic and the Cloud Marketplaces
These are my predictions based on the reported figures. They do not come from Anthropic or its cloud partners.
- Marketplace sales rise above 50% for a full year. The increase from 47% to 48% suggests that growth in this share has slowed. But if the share continues to rise, more than half of Anthropic's sales could eventually come through cloud marketplaces.
- Analysts ask for details about fees. Once the full filing becomes public, analysts are likely to ask how much cloud providers keep from each sale and whether Anthropic reports revenue before or after those fees.
- Anthropic expands direct sales to businesses. When 48% of sales pass through resellers, Anthropic has a clear reason to grow the other 52% and try to improve its profit margin.
- Claude becomes a bigger topic on cloud earnings calls. Amazon, Alphabet and Microsoft will likely point to demand connected to Anthropic when discussing AI cloud growth. Analysts may ask how dependent that growth is on Anthropic.
- More balanced deals across cloud providers emerge. If details about Microsoft's commitment period and terms become available, future filings may show Anthropic spreading its spending commitments more evenly across the three providers.
For more reporting on AI models and platforms, visit the AI and machine learning section.
The Takeaway on Anthropic's Cloud Dependence
Anthropic's position in late October 2026 comes down to a few important facts. Sales through the cloud marketplaces of Google, Amazon and Microsoft made up 48% of its revenue in the first half of 2026, up from 11% in 2023. Anthropic reported $11.6 billion in sales and $974 million in operating profit for the second quarter. It has also promised to spend at least $114.5 billion with Google through 2033, $110 billion with Amazon through 2036, and $44.9 billion with Microsoft. These partnerships give Anthropic access to customers, chips and greater market reach. In return, it faces dependence on a small group of companies, fees on marketplace sales and large long-term spending commitments.
More information about how news outlets covered the filing is available in The West Australian's report on the filing. Important questions remain about the size of marketplace fees, the length of Microsoft's spending commitment and how Anthropic records marketplace revenue in its accounts. Until the full documents answer these questions, the 48% figure should be treated as an important sign of Anthropic's dependence, not the whole story.
Frequently Asked Questions
What share of Anthropic's revenue comes from cloud marketplaces?
Bloomberg and Yahoo Finance report that 48% of Anthropic's revenue in the first half of 2026 came through the cloud marketplaces of Google, Amazon and Microsoft. In 2023, the share was 11%.
How do cloud marketplace sales of Claude work?
Customers buy access to Claude through cloud accounts they already have. The cloud provider bills the customer, keeps a fee and sends the rest to Anthropic. Amazon sells Claude through Amazon Bedrock, while Google offers it through its cloud platform.
How much has Anthropic committed to spend with Google, Amazon and Microsoft?
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. Together, these amounts total $269.4 billion. The reports I reviewed do not confirm the period covered by Microsoft's commitment.
What were Anthropic's second-quarter results?
Reports say Anthropic recorded $11.6 billion in sales and $974 million in operating profit in the second quarter. Dividing operating profit by sales gives an operating profit margin of about 8.4%.
Is Anthropic dependent on one cloud provider?
It depends on three main providers rather than just one. Anthropic uses AWS data centers and chips, uses Google's custom AI chips, and sells Claude through all three cloud marketplaces. Google and Amazon account for about 83% of its total committed spending. The reports do not show how the 48% sales share is divided among the providers.
Why does this matter for investors?
The same three companies supply Anthropic's computing power, sell its products and compete with it in the AI model market. This concentration can affect prices, profit margins and how stable Anthropic's revenue is. Bloomberg's coverage of the filing highlights this dependence as an important disclosure.
Do the 2025 and 2026 figures use the same basis?
Not exactly. A separate report estimated that sales through Amazon and Google reached about $2.16 billion in 2025, equal to 47% of sales. The 48% figure for the first half of 2026 also includes Microsoft. The figures show a general trend, but they are not a perfectly matched comparison.