Anthropic's prospectus discloses: cloud channels contributed 48% of first-half revenue, and it has committed to paying massive compute fees to Google, Amazon, and Microsoft
Anthropic disclosed in its initial public offering filing that its business of distributing Claude through Amazon, Google, and Microsoft cloud accounts accounted for 48% of its revenue in the first half of 2026, far above 11% in 2023. The company posted second-quarter revenue of $11.6 billion and an operating profit of $974 million, but its first-half sales, marketing, and partner costs rose to $3.2 billion from $120 million a year earlier, including $2.7 billion in additional payments to channel partners. The filing also shows that Anthropic has committed to paying Google at least $114.5 billion by 2033, Amazon $110 billion by 2036, and Microsoft $44.9 billion, and it notes that these cloud providers are simultaneously investors, customers, distribution partners, and competitors, a relationship that has already drawn antitrust scrutiny.
Why read this
AI score 62
The S-1 filing discloses the channel revenue share and long-term compute commitments, offering a clear view of how tightly Anthropic is bound to the three major cloud providers.
Topics
Body · AI translation
Related topics top start
Topic: A-shares have already shown cost-effectiveness, long-term allocation value stands out Related topics top end Futures promotion begin Futures promotion end Miaopai begin Miaopai end Video player start Video player end Market chart begin Market chart end
Anthropic PBC is increasingly relying on Alphabet Inc.'s Google, Amazon.com Inc. and Microsoft Corp. to distribute its artificial intelligence technology to customers, even though these three companies are both Anthropic's competitors and its investors and important computing power suppliers.
Customers of Amazon, Google and Microsoft can purchase access to Anthropic's Claude AI models through their existing cloud accounts. The cloud service providers charge customers, deduct channel fees, and then transfer the remainder to Anthropic. According to the initial public offering filing Anthropic published on Monday, this business accounted for 48% of the AI startup's revenue in the first half of 2026, far higher than 11% in 2023.
This model has driven Anthropic's rapid growth. The company's second-quarter revenue reached $11.6 billion, and it recorded an operating profit of $974 million.
However, the fees Anthropic pays to the three cloud service providers are also accumulating rapidly. The AI lab's sales, marketing and partner costs in the first half of this year soared to $3.2 billion from $120 million in the same period last year, mainly due to a $2.7 billion increase in fees paid to channel partners; this group includes the aforementioned cloud service providers.
At the same time, the S-1 registration filing also warns of related risks. Anthropic describes these cloud service providers as simultaneously "investors, customers, distribution partners and competitors." The company cautioned that these companies "are able to learn about our pricing and commercial terms." The filing also said cloud service providers may favor their own AI models, and that Anthropic's relationships with them have already drawn antitrust scrutiny and may attract more scrutiny.
Anthropic also depends on these companies for computing power. Regardless of whether the relevant computing capacity is actually used, the company has committed to paying Google at least $114.5 billion by 2033, Amazon $110 billion by 2036, and Microsoft $44.9 billion. These figures further highlight the friend-and-foe relationship between Anthropic and the three major tech giants. news_keyword_pub,usstock,MSFT&GOOG&AMZN iframe below main text iframe below main text General statement General statement QR code at end start QR code at end start
QR code at end start QR code at end start Editor name and work code
Editor name and work code