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Anthropic’s reported dependence on Amazon and Google goes well beyond buying cloud capacity. The two companies are major routes to customers and infrastructure providers, while also being investors and competitors in AI. Reuters’ September 2026 reporting, based on a copy of Anthropic’s confidential IPO prospectus, shows how those ties overlap—and why the headline sales figure needs careful interpretation.
How much of Anthropic’s sales go through Amazon and Google?
Amazon’s and Google’s cloud marketplaces reportedly handled about $2.16 billion, or 47% of Anthropic’s 2025 revenue, according to Reuters’ review of the confidential prospectus. The reported marketplace share rose from 11% in 2023 to 32% in 2024.
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That 47% is a distribution-channel figure, not a claim that Amazon and Google themselves bought 47% of Anthropic’s sales as end customers. Customers bought Claude through the partners’ marketplaces. Reuters said Anthropic records the full contract value as revenue because it sets prices and delivers the service, then records marketplace fees as sales, marketing and partnerships expenses.
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Why do Amazon and Google matter beyond marketplace sales?
The marketplaces give Anthropic access to customers already using Amazon Web Services (AWS) or Google Cloud. But the same partners also supply computing capacity needed to train and run Claude, and they develop competing AI models. That creates a commercial relationship with several roles at once: a partner can help Anthropic reach buyers, provide essential infrastructure, invest in the company and compete for AI business.
Reuters reported that the prospectus warned that reliance on a limited number of partners and suppliers could create conflicts and adversely affect access to compute. The filing’s concern, as reported by Reuters, is practical: partners can see pricing and commercial terms, while Anthropic relies on them for capacity that may be difficult to replace quickly. Anthropic’s filing described future AI demand as likely to be “limited principally by the availability of compute.”
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What do the reported compute commitments show?
The figures below come from Reuters’ September 29, 2026 accounts of the confidential prospectus. They describe different kinds of obligations and arrangements, so they should not be added together as if they were equivalent bills or near-term cash expenses.
| Counterparty or category | Reported amount or capacity | What the figure describes |
|---|---|---|
| At least $111.1 billion | Infrastructure commitment reported in the prospectus account; Reuters also reported Anthropic’s statement, “If our actual spend falls short, we must pay Google the difference.” | |
| Amazon | $110 billion | Infrastructure commitment reported in the prospectus account. This is separate from the later-described AWS agreement context below. |
| Microsoft | At least $31.4 billion | Long-term infrastructure service obligations reported by Reuters. |
| Broadcom-related equipment leases | About $161.2 billion | Equipment leases, described by Reuters as largely non-cancelable. |
| xAI / Nvidia-based compute | Up to $84.5 billion | Potential compute spending under an xAI agreement; Reuters reported that the arrangement was largely cancelable on 90 days’ notice. |
| AMD | Up to $5 billion in Anthropic stock; expected compute capacity exceeding $20 billion | A reported relationship combining a possible equity investment by AMD and expected compute capacity; these are different types of value. |
Reuters reported that Anthropic expected at least $518 billion over a decade for infrastructure with six partners, with around 80% either non-cancelable or payable regardless of usage. It also reported more than $417 billion in total long-term commitments for 3.5 gigawatts of dedicated compute capacity by early 2026. At the end of 2025, the company reportedly had $54.6 billion in non-cancellable hosting and computing commitments. These are separate reported measures with different descriptions and dates; the figures do not establish that every dollar is immediately payable or that one amount can be simply substituted for another.
To understand any one commitment, the useful questions are how much is a minimum obligation rather than a projected maximum, how readily it can be canceled, whether payment depends on actual use, how long it runs, and whether it covers services, equipment or capacity. The reported agreements differ on these points, so a large headline number alone does not show the timing or economic burden of the commitment.
What other dependence appears in the filing?
The reported concentration is not limited to infrastructure. Reuters said two unnamed customers each accounted for 12% of Anthropic’s 2025 revenue. It also reported that cloud partners collected 60% of the $909 million in customer bills outstanding at year-end. These figures point to both customer concentration and the role marketplace partners play in getting paid; Reuters’ account did not name the two customers.
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How does the later AWS agreement fit in?
In a separate April 21, 2026 report, the Associated Press said Anthropic agreed to more than $100 billion in AWS commitments over ten years and access to up to five gigawatts of Amazon Trainium chips. That announcement provides context for the scale of the Amazon relationship, but it is not the same disclosure as the Amazon figures Reuters attributed to the confidential IPO prospectus.
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What does this mean for Anthropic’s proposed IPO?
The prospectus details in Reuters’ reports were based on a confidential filing, not a publicly available prospectus in the reporting reviewed here. They therefore should be attributed to Reuters’ account of the filing, rather than treated as public audited disclosures. In an Associated Press report on June 1, 2026, Anthropic said it had submitted a confidential filing but had not decided the number or price of shares. The company said the proposed offering would depend on market conditions and other factors, and that the filing gave it the option to go public after SEC review. The final terms, timing and whether the IPO proceeds were not established in that report.
For a prospective investor, the reported commitments and marketplace dependence are relevant risks to examine, not a verdict on the company’s value. The available reporting describes substantial obligations and intertwined relationships; it does not by itself establish how those arrangements will affect future margins, access to capacity or IPO pricing.
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