Key facts
- Anthropic's IPO filing shows 47% of its 2025 sales were routed through cloud partners Amazon and Alphabet's Google.
- The AI developer is seeking a valuation of about $2 trillion.
- Anthropic's revenue surged 12-fold in 2025 to nearly $4.6 billion.
- Operating losses more than doubled to top $8 billion in 2025.
- The company has made commitments exceeding $417 billion for dedicated computing capacity by early 2026.
- The filing warns that advanced AI could pose existential risks to humanity and highlights uncertain legal risks from rogue AI agents.
Anthropic's confidential IPO filing reveals a deep reliance on major technology partners, particularly Amazon and Alphabet's Google, which are critical for its sales distribution and customer billing. These companies accounted for 47% of Anthropic's total sales in 2025, highlighting a complex relationship where they are also investors, suppliers of computing power, and direct competitors in the AI space.
The AI developer is pursuing an ambitious plan for growth, seeking a valuation of approximately $2 trillion and planning to spend hundreds of billions in the coming years. Revenue surged 12-fold in 2025 to nearly $4.6 billion, but operating losses more than doubled to over $8 billion. The company has also made substantial commitments for computing capacity, exceeding $417 billion by early 2026.
The filing underscores significant risks associated with this dependence, including potential conflicts of interest and adverse effects on access to compute. Anthropic acknowledged that its reliance on a limited number of partners and suppliers creates complex dynamics. Furthermore, two unnamed customers each generated 12% of Anthropic's revenue last year, and many of its largest customers are not bound by long-term contracts, posing a risk to future spending.
Anthropic also reiterated warnings from previous disclosures about the potential for advanced AI to pose existential risks to humanity, including self-preserving behaviors. The filing also highlights uncertain legal risks from rogue AI agents that could impact customers and users. To address some of these concerns, Anthropic has established a 'Founder LLC' aimed at prioritizing public good and insulating leaders from market forces.