Anthropic’s IPO filing reveals Amazon and Google account for a quarter of its revenue

Anthropic, the AI company behind the Claude family of models, has pulled back the curtain on its finances as it marches toward a public offering. The company’s draft S-1 registration statement, filed with the SEC, reveals that Amazon and Google together accounted for roughly a quarter of its 2025 revenue, with each contributing about 12% of total sales. That’s a notable concentration risk for a company reportedly targeting a public valuation north of $2 trillion. It also creates a peculiar dynamic: Amazon and Google aren’t just Anthropic’s biggest customers. They’re also among its largest shareholders. The numbers tell two very different stories Anthropic’s top-line growth is the kind of trajectory that makes founders cry tears of joy. Revenue surged to approximately $4.6 billion in 2025, up from roughly $400 million in 2024. That’s a 12-fold increase in a single year. By May 2026, the company’s annualized revenue run-rate had climbed to $47 billion. By July 2026, it exceeded $65 billion. Then there’s the other side of the ledger. Anthropic posted an operating loss exceeding $8 billion for 2025. Its net loss came in at nearly $42 billion, though the company notes this figure is pre...