Anthropic earns nearly half its revenue from Google, Amazon, and Microsoft

Anthropic PBC generated 48% of its revenue in the first half of 2026 through cloud marketplaces operated by Google, Amazon, and Microsoft, up sharply from 11% in 2023, according to its IPO filing released Monday. The AI company paid channel partners, including cloud providers, $2.7 billion more year-over-year in fees. These providers bill customers and remit payments to Anthropic after deducting commissions. Anthropic reported $11.6 billion in second-quarter sales with $974 million in operating profit. Amazon has invested about $18 billion in Anthropic, with up to $15 billion more committed, while Google has invested $23 billion with $20 billion in potential additional funding. Anthropic has pledged to spend $114.5 billion on Google computing resources by 2033, $110 billion with Amazon by 2036, and $44.9 billion with Microsoft. The filing warns cloud providers could favor their own AI models given their access to Anthropic's pricing and terms.