❯ Anthropic’s prospectus shows nearly half of 2025 sales flowed through Amazon and Google clouds, costing ~$351 million in fees

47% via the cloudAccording to Reuters’ analysis of the prospectus, Anthropic routed 47% of its 2025 sales, about $2.16 billion, through cloud partners Amazon AWS and Google Cloud. Reuters estimates Anthropic paid the two about $351 million in distribution fees.

Shareholders that are also resellersMany large companies already have budgets committed on AWS or Google Cloud, so calling Claude inside those platforms is easier than signing a separate contract with Anthropic. Amazon and Google are also major Anthropic shareholders. According to earlier Reuters reporting on the prospectus, Anthropic’s 2025 revenue grew about 12x to about $4.6 billion, with a net loss of about $42 billion, most of it non-cash accounting charges; about a quarter of revenue came from two customers.

Scale bought, margin sharedUsing the cloud giants’ sales networks lets Anthropic reach large enterprises quickly, but each sale gives up a slice of revenue and depends on platforms that also push their own models. Prospective investors must therefore answer a key question: how much of Anthropic’s growth rests on its own customer relationships, and how much on two partners who are shareholders, resellers and potential rivals all at once.

▪ SIGNALSelling models on a cloud platform is like opening a store in someone else’s mall: the foot traffic comes fast, but the rent and the landlord’s moods come with it.