Anthropic IPO Filing Reveals Heavy Reliance on Cloud Rivals

Anthropic PBC disclosed in its initial public offering filing that 48% of its revenue for the first half of 2026 was generated through distribution partnerships with Amazon.com Inc., Google, and Microsoft Corp. While these partnerships helped drive second-quarter sales to $11.6 billion, they also incurred significant costs, with partnership fees contributing to a $2.7 billion increase in sales, marketing, and partnership expenses.

The filing describes a complex relationship where these cloud providers serve as investors, customers, and competitors. Anthropic has committed to massive long-term spending on computing power, including $114.5 billion with Google through 2033, $110 billion with Amazon through 2036, and $44.9 billion with Microsoft. In turn, Google and Amazon have invested approximately $23 billion and $18 billion into the startup, respectively.

Anthropic warned that this dependence creates operational risks, including potential antitrust scrutiny. The company also noted the possibility that these cloud providers might prioritize their own AI models over those of Anthropic.