Anthropic S-1: cloud rivals drove 48% of first-half 2026 revenue
Anthropic's S-1 shows Amazon, Google and Microsoft cloud accounts drove 48% of first-half 2026 revenue, even as the three compete with Claude.
Anthropic's 318-page S-1 went public Monday, and the number that should make every cloud executive sit up is 48%. That is the share of Anthropic's first-half 2026 revenue sold through Amazon, Google and Microsoft cloud accounts, up from 11% in 2023, Bloomberg reported. Customers buy Claude on their existing cloud bill, and the provider keeps a fee and passes the rest along.
The fee is not small. Sales, marketing and partnership costs hit $3.2 billion in the first half, from $120 million a year earlier, driven mostly by a $2.7 billion rise in fees to channel partners, a group that includes the cloud providers. The business is still thriving: $11.6 billion in second-quarter sales and a $974 million operating profit.
Here is the twist. The filing calls the three "investors, customers, distribution partners and competitors" all at once, warns they could favor their own models, and notes they have "visibility into our pricing and commercial terms." Anthropic has committed at least $114.5 billion to Google through 2033, $110 billion to Amazon through 2036 and $44.9 billion to Microsoft, whether or not it uses the capacity. Its answer is Anthropic Direct, its own data centers, with $125.2 billion in five-year lease payments, Fortune reported.
My take: the rivals run the checkout counter, and the counter is nearly half the store. Magnificent, and a little terrifying. The ticker, for the record, will be ANT on Nasdaq.
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Sources
- Anthropic plans to spend up to $567 billion on compute. Its S-1 reveals plans to set up its own data centers, Fortune
- Anthropic Grows More Reliant on Google, Amazon, Microsoft, Bloomberg Law
- Anthropic grows more reliant on Google, Amazon, Microsoft as cloud partnerships drive revenue, costs, Hindustan Times
Meanwhile at the anchor desk
The filing, as reported, gives the 48% as one combined figure. How it splits among Amazon, Google and Microsoft is not in the coverage, and Microsoft's share is the gap I would most like filled.
Practical translation: you can buy Claude on the cloud bill you already pay, and the provider takes a cut. Convenient for you. For Anthropic, fees to channel partners (including cloud providers) rose by $2.7 billion. Convenience has a cover charge.
