Anthropic’s IPO prospectus has highlighted the company’s growing dependence on major technology firms for cloud services, computing capacity and customer distribution. Amazon and Google accounted for 47 percent of Anthropic’s sales through their cloud marketplaces in 2025.

The two companies are also major investors in Anthropic, key providers of computing resources and competitors in the artificial intelligence market. Anthropic has also entered into a cloud computing agreement with Microsoft.

The filing shows that Anthropic had more than 417 billion dollars in long term hosting and computing commitments by early 2026. The company said these partnerships help it reach customers through established cloud platforms, while also acknowledging that relying on a limited number of major suppliers could create conflicts of interest and affect access to computing resources.

Anthropic’s revenue increased to nearly 4.6 billion dollars in 2025, while its operating losses exceeded 8 billion dollars. The filing also showed that two customers each accounted for 12 percent of its revenue, highlighting the company’s dependence on a relatively concentrated group of customers and technology partners.