Anthropic IPO Filing Shows 48% of Revenue Flows Through Rival Clouds Google, Amazon, Microsoft

Anthropic's IPO filing reveals that sales through cloud marketplaces run by Google (GOOGL), Amazon (AMZN) and Microsoft (MSFT) accounted for 48% of total revenue in the first half of the year, up sharply from 11% in 2023. The three companies serve simultaneously as investors, compute suppliers, distribution channels and rivals, a relationship the filing flags as an antitrust risk. Second-quarter revenue reached $11.555 billion with operating income of $974 million. Anthropic paid $2.7 billion more to channel partners in the first half than a year earlier, as cloud providers collect customer payments and forward proceeds net of fees. Anthropic has committed to pay Google at least $114.5 billion by 2033, Amazon $110 billion by 2036 and Microsoft $44.9 billion, with minimum payments due even if capacity goes unused. It also expects to pay $125 billion to $150 billion for additional TPU compute delivered between 2028 and 2031. Amazon has invested about $18 billion and committed up to $15 billion more; Google has invested roughly $23 billion with a further $20 billion pledged. Each is set to hold more than 5% post-IPO.