Anthropic's IPO filing reveals deepening reliance on Amazon and Google, with 2025 revenue nearing $4.6 billion.

September 30 news, according to reports, the initial public offering filing submitted by artificial intelligence company Anthropic shows that the company's business is highly dependent on a small number of tech giants and customers. In 2025, Anthropic's sales through Amazon and Google Cloud platforms amounted to approximately $2.16 billion, accounting for 47% of full-year revenue. The filing shows that Anthropic's revenue grew to approximately $4.6 billion in 2025, 12 times that of the previous year, of which about $3.8 billion came from consumption-based revenue from users paying according to their usage of the Claude AI model, while subscription revenue was $789 million. During the same period, the company's operating loss exceeded $8 billion, more than doubling from the previous level.