Anthropic paid Amazon and Google $351 million in distribution fees as the two companies handled 47% of its 2025 sales, up from 11% in 2023, its IPO filing shows. Both are investors in Anthropic, supply much of the cloud infrastructure behind Claude, and compete with it in AI, with visibility into Claude's pricing and deal terms. One-third of Anthropic's 2025 revenue came from outside the US.

The same companies sit on both sides of Anthropic's business. Amazon has invested $33 billion in Anthropic, which has committed to spend more than $100 billion on AWS over the next decade, and Google has committed as much as $43 billion to Anthropic in cash and compute while Anthropic has pledged $200 billion to Google Cloud over five years. Anthropic's wider buildout runs to more than $518 billion in cloud, compute and infrastructure obligations over 10 years, about 80% of it non-cancelable or payable regardless of usage, including $252 billion across Microsoft, Google and Amazon.

Anthropic posted $4.59 billion in 2025 revenue, up 1,088% from $386 million a year earlier, against $12.65 billion in operating expenses and an operating loss of $8.06 billion. Its $41.97 billion net loss included about $34 billion in non-cash charges tied to the rising value of financing that could convert into shares, and it ended the year with $20.28 billion in cash and short-term investments. The IPO could value Anthropic above $2 trillion, more than double its $965 billion valuation in a May funding round, and may come after the November US midterm elections. New analyses from Apollo and Bain Capital argue the math behind the AI buildout does not add up.