Anthropic Routes 47% of Sales Through Amazon and Google: What It Means for AI and Investors

Anthropic’s rapid growth is increasingly tied to the same technology giants that are helping finance and power its expansion. The artificial intelligence company routed 47% of its sales through Amazon and Alphabet’s Google in 2025, according to details from its confidential IPO prospectus reviewed by Reuters.

The disclosure highlights an unusual relationship at the heart of the AI industry: Amazon and Google are simultaneously investors, cloud infrastructure providers, distribution partners and competitors to Anthropic.

For investors watching Amazon, Alphabet and the broader AI infrastructure trade, the development offers a clearer picture of how money is flowing through the generative-AI ecosystem—and how much of Anthropic’s growth depends on a small group of powerful technology partners.

How Anthropic’s Sales Flow Through Amazon and Google

Anthropic sells access to its Claude AI models through several channels, including cloud marketplaces operated by Amazon Web Services and Google Cloud.

According to the reported IPO filing, about 47% of Anthropic’s 2025 sales reached customers through Amazon and Google’s cloud marketplaces. Those sales totaled approximately $2.16 billion.

Amazon and Google collected roughly $351 million in distribution fees from Anthropic during the year. That works out to approximately 16 cents for every dollar of sales routed through their marketplaces.

The arrangement gives Anthropic access to large enterprise customer bases without requiring the AI company to build every sales and billing relationship itself. For Amazon and Google, meanwhile, Anthropic represents another major source of AI-related cloud demand.

The important distinction is that the 47% figure does not mean Amazon and Google generated 47% of Anthropic's revenue themselves. Rather, it indicates the proportion of sales that was transacted through their cloud distribution channels.

Anthropic’s Revenue Is Growing Rapidly—but So Are Its Costs

Anthropic’s financial growth has been extraordinary.

Its revenue increased roughly 12-fold in 2025 to nearly $4.6 billion, according to the reported IPO documents. But that expansion came with very high costs, with operating losses exceeding $8 billion.

That combination is central to understanding Anthropic’s business model.

Building and operating frontier AI models requires enormous amounts of computing power, data-center capacity, specialized chips and electricity. Revenue can rise quickly as customers adopt AI services, but the infrastructure required to support that usage can consume substantial amounts of capital.

Anthropic is therefore trying to scale revenue while simultaneously securing enough computing capacity to support future demand.

The company’s IPO disclosures show just how large that infrastructure commitment has become.

Why Amazon Is Strategically Important to Anthropic

Amazon has developed a particularly deep relationship with Anthropic.

In April 2026, Anthropic announced an expanded collaboration with Amazon involving up to 5 gigawatts of new computing capacity. Anthropic said it would commit more than $100 billion over 10 years to AWS technologies, including Amazon’s Trainium chips. The company also said more than 100,000 customers were running Claude through Amazon Bedrock at the time of the announcement.

That makes Amazon more than a conventional cloud provider for Anthropic.

AWS can provide infrastructure, access to enterprise customers and a distribution channel for Claude, while Anthropic provides Amazon with another high-profile AI model ecosystem capable of driving cloud consumption.

The relationship also creates a financial feedback loop: greater Claude usage can create more demand for computing resources, while AWS provides the infrastructure needed to serve that demand.

Google Has a Similar—but Different—Role

Google is also deeply involved in Anthropic’s expansion through Google Cloud and its investment relationship with the company.

For Google, Anthropic provides another avenue for increasing demand for cloud computing and AI infrastructure. Google is simultaneously developing its own Gemini models, meaning the company occupies multiple positions in the AI value chain.

This creates both opportunity and tension.

Amazon and Google benefit when Anthropic’s customers consume more cloud resources, but both companies are also developing competing AI products. Anthropic therefore relies on companies that have their own strategic reasons to remain competitive in the same market.

That dependency is one of the risks highlighted by the IPO filing.

The Bigger Issue: Anthropic’s Dependence on Big Tech

The 47% sales figure becomes more significant when viewed alongside Anthropic’s enormous infrastructure commitments.

Reuters reported that Anthropic plans at least $518 billion of AI infrastructure spending commitments over a decade, with approximately 80% described as binding regardless of usage. Major commitments include about $111.1 billion with Google and $110 billion with Amazon, alongside significant arrangements involving Microsoft and other infrastructure partners.

This means Anthropic is simultaneously dependent on major technology companies for:

• Computing capacity

• Cloud distribution

• Customer billing

• AI infrastructure

• Capital and strategic partnerships

The model can accelerate growth, but it also concentrates risk.

If customer demand grows rapidly, these relationships can help Anthropic scale faster than it could by building infrastructure and distribution entirely on its own. If growth falls short of expectations, however, large long-term commitments could become a significant financial burden.

What It Means for Amazon and Alphabet Investors

For Amazon, Anthropic is relevant to the long-term AWS growth story. Amazon reported AWS sales of $42.2 billion in the second quarter of 2026, up 37% year over year, demonstrating the continuing strength of cloud demand.

Anthropic is only one customer and partner within AWS, so investors should not treat its sales relationship as a direct measure of Amazon’s overall AI business. Still, Anthropic’s infrastructure requirements illustrate how frontier AI companies can generate substantial demand for cloud computing.

For Alphabet, Anthropic provides another source of AI-related cloud activity while Google simultaneously competes through its own Gemini ecosystem.

The key question for investors is therefore not simply how much revenue Anthropic generates. It is whether the rapid expansion of AI usage ultimately produces attractive returns for the infrastructure providers supplying the computing power.

Risks Behind the Rapid Growth

Anthropic’s growth story comes with several important risks.

First is customer concentration. Reuters reported that some individual customers represented around 12% of Anthropic’s revenue, increasing the potential impact of losing or reducing business from a major account.

Second is infrastructure spending. Anthropic has committed to an extraordinary amount of future computing capacity. Those commitments can help secure scarce infrastructure, but they also increase fixed financial obligations.

Third is dependence on partners. Amazon, Google and Microsoft are not simply suppliers. They have their own AI models, cloud businesses and strategic objectives.

Fourth is the economics of AI consumption. A large portion of Anthropic’s revenue comes from usage-based consumption. If customers reduce usage, switch models or find cheaper alternatives, revenue growth could slow.

Finally, the company is entering public markets at a time when investors are closely examining whether the enormous capital spending associated with AI can eventually translate into sustainable profits.

What Investors Should Watch Next

Anthropic’s expected IPO will provide a much deeper look at the economics of its business.

Investors should pay particular attention to revenue growth, gross margins, operating losses, customer concentration, cloud distribution fees and long-term infrastructure commitments.

For Amazon and Alphabet investors, another important indicator will be whether AI companies such as Anthropic continue driving strong cloud consumption without creating excessive financial or competitive risks for their infrastructure businesses.

The relationship also provides a broader lesson about the AI market: the companies building foundation models and the companies supplying their computing infrastructure are becoming increasingly interconnected.

Bottom Line

Anthropic routed 47% of its 2025 sales through Amazon and Google, while paying about $351 million in distribution fees for those cloud marketplace transactions. At the same time, the AI company is committing hundreds of billions of dollars toward future infrastructure capacity.

The arrangement illustrates both sides of the AI boom. Cloud giants can benefit from the enormous computing requirements of AI developers, while AI companies gain access to infrastructure and enterprise distribution at unprecedented scale.

For investors, the next stage will be determining whether Anthropic’s extraordinary revenue growth can eventually support the massive infrastructure commitments required to maintain it. The company’s IPO disclosures—and the evolving economics of AI cloud consumption—will be key developments to watch.

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This article is for informational and educational purposes only and should not be considered investment advice.