Reuters ·

IPO filing: Anthropic routed 47% of its sales, or ~$2.16B, in 2025 through cloud partners Amazon and Google; analysis: it paid ~$351M back in distribution fees

Anthropic's IPO prospectus shows how much it depends on a small group of customers and tech giants, highlighting key risks …

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IPO filing: Anthropic routed 47% of its sales, or ~$2.16B, in 2025 through cloud partners Amazon and Google; analysis: it paid ~$351M back in distribution fees

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Reuters — IPO filing: Anthropic routed 47% of its sales, or ~$2.16B, in 2025 through cloud partners Amazon and Google; analysis: it paid ~$351M back in distribution fees ↗

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The Information: IPO prospectus: Anthropic has agreements to pay SpaceX up to $84.5B to use its Nvidia-based compute through 2029, mostly cancellable with a 90-day notice period

Reuters: Anthropic projects 2028 revenue of ~$190B-$200B, vs. a revenue run rate of $47B in May, as bankers and investors price the company ahead of an IPO

Financial Times: SemiAnalysis estimates ~90% of Anthropic's business comes from agentic AI, while sources say nearly 25% of its revenue in 2025 came from just two clients

The Information: Analysis: since October, Anthropic has entered into agreements for at least 14.8 GW of compute capacity and may spend as much as $517B over the next decade

Wall Street Journal: Anthropic is likely to tell IPO investors that its potential revenue opportunities are above $30T, topping SpaceX's $28.5T; Uber predicted $6T in 2019

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