IPO filing: Anthropic routed 47% of its sales, or ~$2.16B, in 2025 through cloud partners Amazon and Google; analysis: it paid ~$351M back in distribution fees

Anthropic's distribution fees to cloud partners will likely decrease as its direct customer base grows.

Anthropic's recent IPO filing reveals significant reliance on cloud partners for its revenue. In 2025, approximately 47% of its total sales, equating to around $2.16 billion, were generated through collaborations with Amazon and Google. The filing also disclosed that Anthropic paid approximately $351 million in distribution fees to these cloud providers during the same year. This dependence on a limited number of major customers and technology giants introduces notable risks for the AI company as it navigates its path to public markets.

The substantial revenue routed through Amazon and Google, coupled with significant distribution fees, underscores the evolving economics of AI deployment. It highlights how hyperscalers are increasingly becoming central conduits for specialized AI services, taking a notable cut for providing infrastructure and go-to-market access. This model raises questions about the long-term profitability and pricing power of AI developers operating through such channels.

For startups like Anthropic, this dependency presents a strategic tightrope: leveraging the reach of cloud giants is crucial for scaling, but the associated costs impact margins. As Anthropic matures and potentially builds more direct sales channels or expands its own cloud offerings, its ability to retain a larger share of its revenue will be a key indicator of its independent market strength and future profitability.