Anthropic’s confidential IPO filing shows Amazon and Alphabet’s Google routed 47% of the company’s 2025 sales through their cloud marketplaces, underscoring reliance on partners that are also major investors, computing suppliers and artificial-intelligence competitors. Revenue rose twelvefold to nearly $4.6 billion in 2025, while operating losses exceeded $8 billion. Anthropic is reportedly seeking a valuation of about $2 trillion and has disclosed escalating computing commitments, including $54.6 billion in non-cancellable obligations at the end of 2025, more than $417 billion in long-term commitments by early 2026 covering 3.5 gigawatts of dedicated capacity, and at least $518 billion in broader decade-long cloud, computing and infrastructure commitments. The proposed public-benefit-corporation structure would require directors to consider investors, affected stakeholders and the mission of responsibly developing advanced AI for humanity’s long-term benefit, while the filing warns of partner conflicts, customer concentration, safety concerns and infrastructure-execution risks.