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 (Reuters)

Anthropic’s IPO filing highlights a significant concentration risk: nearly half of its 2025 sales flowed through Amazon and Google, while it paid substantial distribution fees back to those same cloud partners. For CIOs and technology leaders, this underscores how AI vendors can be tightly coupled to hyperscalers, affecting pricing leverage, platform dependency, procurement strategy, and the resilience of enterprise AI roadmaps.