AIReuters1h ago
IPO filing: Anthropic routed 47% of its sales, or ~$2.16B
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
TL;DRAnthropic sold nearly half its 2025 revenue through Amazon and Google, paying them $351M in fees.
Why it matters: Reveals heavy dependence on two partners for distribution, a potential vulnerability for valuation and long-term margins.
Anthropic's IPO prospectus shows how much it depends on a small group of customers and tech giants, highlighting key risks …
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