Anthropic’s IPO prospectus highlights its dependence on Amazon and Alphabet’s Google, which together handled about 47% of the company’s sales last year through cloud partnerships. Both companies are also major Anthropic investors, computing suppliers and AI competitors. Revenue was concentrated among customers, with two unnamed buyers each contributing 12% of last year’s revenue, while Anthropic warned that customers without long-term contracts could reduce or stop spending. The company said its reliance on a small group of partners and suppliers could create conflicts of interest, but also said Amazon, Google and Microsoft’s cloud platforms provide broad sales networks that can accelerate market penetration. Usage of Claude generated $3.8 billion in revenue, compared with $789 million from subscriptions, and Anthropic expects consumption-based revenue to remain the substantial majority of its business. Cloud marketplace sales contributed about $2.16 billion, or 47% of 2025 annual revenue. By early 2026, long-term commitments exceeded $417 billion for 3.5 gigawatts of dedicated computing capacity, while planned cloud, computing and infrastructure obligations reached $518 billion. Anthropic reported a $42 billion net loss in 2025 and an operating loss exceeding $8.06 billion, excluding fundraising-related write-downs, even as revenue rose 12-fold to nearly $4.6 billion. Tech analyst Dan Ives described the potential IPO as a watershed event that could improve transparency across the AI industry, while investors would also expect returns on heavy spending for AI and data-center infrastructure.