Anthropicās IPO filing reveals Amazon and Google account for a quarter of its revenue
The Claude maker's S-1 shows explosive 12x revenue growth alongside eye-watering losses and deep entanglements with its biggest investors.
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 predominantly non-cash in nature.
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When your customers are also your investors
Amazon holds approximately 21% of Anthropic. Google owns roughly 15%. Together, the two tech giants represent both the company’s biggest distribution channels and its most significant equity backers.
Anthropic has committed to spending over $100 billion on Amazon Web Services over the next decade. The total future cloud and compute spending commitments disclosed in the filing reportedly reach approximately $518 billion.
A $2 trillion ambition
Anthropic’s most recent private valuation landed at $965 billion following a $65 billion Series H funding round completed in May 2026. The company is now eyeing a public market debut that would more than double that figure, potentially surpassing $2 trillion.
Goldman Sachs, JPMorgan, and Morgan Stanley are serving as underwriters for the offering, which positions it alongside SpaceX and OpenAI as one of the most anticipated IPOs of the decade. The draft S-1 was initially filed confidentially on June 1, 2026, with a more detailed prospectus emerging later.