Anthropic’s confidential IPO filing shows that Amazon and Alphabet’s Google handled 47% of its 2025 sales through their cloud marketplaces, underscoring the company’s dependence on major technology partners that are also investors, computing suppliers and AI competitors. Revenue rose 12-fold in 2025 to nearly $4.6 billion, while operating losses exceeded $8 billion. Anthropic is seeking a valuation of about $2 trillion and plans to spend hundreds of billions of dollars to expand. Consumption-based revenue from customers using Claude AI accounted for about $3.8 billion, compared with $789 million from subscriptions, and the company expects usage-based sales to remain the substantial majority of revenue. Marketplace sales generated about $2.16 billion, with roughly $351 million paid to cloud platforms as distribution fees. Anthropic had $54.6 billion in non-cancellable hosting and computing commitments at the end of 2025, rising to more than $417 billion by early 2026 for 3.5 gigawatts of dedicated capacity. The filing says the cloud relationships expand distribution but create conflicts around computing access, pricing, customer billing and sales priorities. Customer concentration is also high: two unnamed customers each contributed 12% of 2025 revenue, while many major customers can reduce or stop spending without long-term contracts. Anthropic’s gross-revenue accounting for marketplace contracts has also led to disagreements with OpenAI, which says the method inflates reported revenue; Anthropic says it follows established accounting practices because it is the principal in those transactions.