The confidential IPO prospectus of Anthropic, obtained by Reuters and disclosed on Tuesday (29), reveals the company's dependence on Amazon and Google, which act as investors, infrastructure suppliers, distributors and competitors of the Claude developer.
In 2025, the two companies intermediated approximately US$ 2.16 billion in sales, equivalent to 47% of Anthropic's annual revenue. That share was only 11% in 2023. The commissions paid to the platforms reached about US$ 351 million in the last year.
The concentration occurs during an accelerated expansion. Anthropic's revenue reached nearly US$ 4.6 billion in 2025, while its operating loss exceeded US$ 8 billion.
Large contracts expand dependence
In addition to commercial distribution, Amazon and Google provide an essential part of the computing capacity used by Anthropic. The prospectus points to infrastructure commitments of at least US$ 110 billion with Amazon and US$ 111.1 billion with Google, distributed across long-term contracts.
The company acknowledged that this concentration could create conflicts of interest and compromise its access to infrastructure. The two partners also possess commercial information from Anthropic and develop competing products.
The document also reveals that two unidentified customers individually accounted for 12% of revenue in 2025. Some of the largest buyers do not have long-term contracts, which increases exposure to possible spending cuts.
Dependence also affects cash flow. Cloud providers were responsible for collecting 60% of the US$ 909 million in customer accounts still outstanding at the end of 2025.
These risks are part of the prospectus presented to investors while Anthropic prepares for its initial public offering, seeking a valuation close to US$ 2 trillion.
