Anthropic is increasingly using Amazon, Google and Microsoft to reach customers, even as the three companies compete with it in artificial intelligence and supply much of its computing capacity.
Customers of the cloud providers can purchase access to Anthropic's Claude models through their existing accounts. Amazon, Google and Microsoft collect payment, retain a fee and transfer the remaining amount to Anthropic.
That channel generated 48% of Anthropic's revenue during the first half of 2026, compared with 11% in 2023, according to the company's initial public offering filing. The filing makes the arrangement central to the company's growth story and its risk disclosures.
Anthropic reported $11.6 billion in sales during the second quarter and an operating profit of $974 million. However, the cost of working with distribution partners has also risen sharply.
Cloud partnerships drive growth and costs
Sales, marketing and partnership expenses reached $3.2 billion in the first half of the year, compared with $120 million a year earlier. Most of the increase came from a $2.7 billion rise in fees paid to channel partners, including the cloud providers.
Anthropic describes Amazon, Google and Microsoft in several roles at once: investors, customers, distribution partners and competitors. Its filing warns that these companies can see its pricing and commercial terms.
The company also says the cloud providers could promote their own artificial intelligence models. Anthropic's relationships with them have already attracted antitrust scrutiny and could receive further attention, according to the filing.
The model creates a direct route to enterprise customers already using the three cloud platforms. It also leaves Anthropic financially connected to companies that can influence access to computing resources, customer distribution and competing AI products.
Large computing commitments deepen dependence
Anthropic relies on Amazon Web Services for data centres and chips used to train and operate Claude. Amazon also makes Claude available through its Bedrock platform.
Anthropic uses Google's custom AI chips, while Google sells Claude through its cloud service. The company has committed to spend at least $114.5 billion with Google through 2033, $110 billion with Amazon through 2036 and $44.9 billion with Microsoft, whether or not it uses the capacity.
Anthropic estimates that it will spend another $125 billion to $150 billion on additional Tensor Processing Unit capacity from Google and other providers. That capacity is scheduled for delivery from 2028 to 2031.
The company says moving its workloads to other providers would be costly and time-consuming, and could reduce its computing efficiency. Its supplier exposure extends beyond the three cloud companies. Anthropic has $161.2 billion in equipment leases with Broadcom and has agreed to spend up to $120.5 billion on computing power from SpaceXAI.
The filing also says Taiwan Semiconductor Manufacturing Co. has at times been unable to meet demand.
Amazon and Google investments
Amazon agreed in 2023 to invest as much as $4 billion in Anthropic. The filing says Amazon has since invested about $18 billion and committed up to an additional $15 billion, subject to conditions.
Amazon currently has an economic stake of roughly 9% on an as-converted, fully diluted basis, according to Bloomberg calculations. It also holds about $6.2 billion in outstanding convertible notes that could convert into 1.84 billion shares, equivalent to an additional 11% of Anthropic. Amazon's ownership is limited to a maximum of 12%, although it can waive that limit.
Google has invested about $23 billion through multiple deals and committed another $20 billion tied to performance targets. Its current economic stake is at least 6.6% on an as-converted, fully diluted basis, according to Bloomberg calculations.
Google has $20 billion in remaining financing capacity under a 2026 agreement. The arrangement could produce additional equity or convertible notes if used. Its stake is capped at 14.99% under its latest financing deal, although Google can waive that limit.
Google also has an option to invest up to $10 billion in Anthropic stock through a private placement held alongside the IPO. Any investment through that option would reduce the remaining financing capacity.
IPO puts structure under scrutiny
Anthropic's IPO will test public-market sentiment toward artificial intelligence companies as investors pay closer attention to the costs of building AI systems. Reports of slower third-quarter revenue growth contributed to a wider technology selloff earlier this month amid concerns that AI spending may be running ahead of demand.
The company has previously faced criticism over “circular deals” in the technology ecosystem, where the same companies invest in Anthropic while also receiving payments through commercial relationships. Amazon and Google did not immediately respond to requests for comment.
Conclusion
Anthropic's filing presents a fast-growing AI business whose revenue, distribution and computing infrastructure are increasingly tied to Amazon, Google and Microsoft. The same relationships support expansion while creating higher partner costs and risks involving competition, pricing visibility and cloud dependence.
Frequently Asked Questions
Q. What share of Anthropic's revenue came through Amazon, Google and Microsoft?
The three cloud providers accounted for 48% of Anthropic's revenue in the first half of 2026, up from 11% in 2023.
Q. How do the cloud providers sell Anthropic's models?
Their customers can buy access to Claude through existing cloud accounts. The providers bill customers, keep a fee and pass the remainder to Anthropic.
Q. What sales and profit did Anthropic report for the second quarter?
Anthropic reported $11.6 billion in sales and a $974 million operating profit.
Q. Why does Anthropic describe the cloud companies as competitors?
The providers sell their own artificial intelligence models and could favour those products, according to risks outlined in Anthropic's filing.
Q. What are Anthropic's major cloud spending commitments?
The company has committed at least $114.5 billion with Google through 2033, $110 billion with Amazon through 2036 and $44.9 billion with Microsoft.
