Anthropic filing shows 47% of 2025 sales ran through Amazon and Google cloud stores

Pinned summary · as of 07:19

Nearly half of Anthropic's 2025 sales came through the cloud marketplaces of Amazon and Google, according to a confidential IPO prospectus that Reuters reviewed. The figures, relayed by TechFocus24 and OmanGhana, also show the artificial intelligence company recording revenue of nearly $4.6 billion against operating losses above $8 billion.

What we know

• Based on the confidential prospectus reviewed by Reuters, 47% of Anthropic's 2025 sales went through the Amazon and Google cloud marketplaces. That share was 11% in 2023 and 32% in 2024.
• Those marketplace sales came to roughly $2.16 billion, and the two cloud companies took about $351 million in distribution fees.
• At the end of 2025, Amazon and Google were responsible for collecting 60% of the customer bills Anthropic had outstanding.
• The reports put Anthropic's 2025 revenue at close to $4.6 billion and its operating losses at more than $8 billion.
• By early 2026 the company's long-term computing commitments stood above $417 billion.
• Anthropic said its cloud partnerships widen its customer reach. It also acknowledged that leaning on a few partners could create conflicts of interest and put its access to computing resources at risk.

What's disputed / unconfirmed

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  OmanGhana reported that OpenAI argued Anthropic's accounting overstates its revenue, because Anthropic counts the gross value of marketplace contracts as revenue while listing partner fees under operating expenses. Anthropic replied that accounting rules allow this because it acts as the principal in these deals. The two companies' positions come from one report only.
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  TechFocus24 reported further prospectus figures that OmanGhana did not carry: a 12-fold revenue rise in 2025, nearly two-thirds of sales coming from the United States, and about $3.8 billion of revenue from usage-based customers against $789 million from subscriptions. It further said hosting and computing commitments that cannot be cancelled totalled $54.6 billion at the close of 2025.
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  According to TechFocus24, two unnamed customers each made up 12% of 2025 revenue, and Anthropic warned that many large customers have no long-term contracts and could cut spending. The same report says the company is aiming for a valuation near $2 trillion; other reports have not confirmed this.

Why it matters for Ghana

Ghanaian developers, start-ups and businesses that use Claude or other AI tools through cloud platforms depend on a handful of large providers, and these figures show how much of one AI company's income flows through two of them. The scale of the spending commitments and losses shows how costly it is to run advanced AI, which can influence the prices and terms offered to customers in Ghana. The accounting argument is also worth watching for anyone relying on reported growth figures in the sector.