A September 29, 2026, report on a confidential draft of Anthropic’s IPO prospectus put the company’s 2025 revenue at nearly $4.6 billion. About $2.16 billion, or 47%, reportedly flowed through Amazon and Google cloud marketplaces combined.
Amazon and Google marketplaces reportedly handled 47% of Anthropic’s 2025 revenue
The reported marketplace total describes where customers bought Anthropic’s services, not a separate revenue category. Anthropic’s nearly $4.6 billion in 2025 revenue was about 12 times its reported 2024 revenue.
Claude usage, subscriptions and the sales channel
The reported 2025 revenue mix included about $3.8 billion from customers paying based on Claude usage and $789 million from subscriptions. The marketplace channel overlaps those categories: some usage-based or subscription sales could pass through Amazon and Google’s platforms, so the $2.16 billion channel figure should not be added to the two revenue categories.
The reported figures also put Anthropic’s combined distribution fees to Amazon and Google at about $351 million for 2025.
The reported marketplace share climbed from 2023 to 2025
Amazon and Google’s combined share of Anthropic revenue through their cloud marketplaces rose each year in the reported figures:
| Year | Share of Anthropic revenue through Amazon and Google marketplaces |
| 2023 | 11% |
| 2024 | 32% |
| 2025 | 47% |
Compute costs and customer concentration add context
Anthropic’s reported 2025 operating expenses were $12.65 billion. Compute and infrastructure accounted for $7.33 billion, or about 58% of that total. The same year, the company’s reported operating loss exceeded $8 billion, and its net loss was about $42 billion. About $34 billion of the net loss reportedly came from non-cash accounting charges tied to earlier financing instruments.
Two unnamed customers each reportedly accounted for about 12% of Anthropic’s 2025 revenue.
What the reported IPO status said
As of September 30, 2026, the IPO date, share count and offer price had not been announced.
