Anthropic Q3'26 nearly matched the previous six months

The amended S-1 reports $33.24B of revenue for the first nine months of 2026. Cloud marketplaces carried 44% of it. No company has publicly reported cloud marketplace sales at this scale.

My math from the reported shares and revenue:

• H1: ~$7.8B through marketplaces

• Q3 alone: ~$6.8B

• Nine months: ~$14.6B, ~12x a year earlier

Marketplace share moderated from 48% in H1, yet the last quarter alone delivered ~87% of the first half's marketplace volume.

The buyer explains the channel. Customers spending at least $100K over the last twelve months generated 74% of revenue. That buyer typically purchases against cloud commitments, which helps explain why nearly half of Anthropic's revenue runs through the clouds.

Anthropic sells through the clouds. Other vendors now sell through Claude marketplace

Anthropic's RPO, contracted future revenue from non-cancelable customer commitments, reached $13.8B at September 30. That's up 28% from $10.8B in June in addition to recognized revenue.

Through Claude Marketplace, in limited preview, eligible customers can apply part of their Anthropic commitment to partner software:

• CodeRabbit moved from pay-as-you-go Vercel to a committed plan, funded from its Anthropic commitment. The deal closed within a week.

• ThoughtSpot bought Snowflake's inference API using its Anthropic commitment.

The model will look familiar to any cloud marketplace leader: partners sell into budget the customer already approved. Anthropic doesn't disclose how much of the $13.8B is eligible though.

Channel costs fell from 22% to 14% of revenue on new partner terms

Sales, marketing and partnerships expense fell from 22% of revenue in Q1 to 18% in Q2 and 14% in Q3. Anthropic attributes the drop to

"a decrease in revenue generated from sales through channel partners as a percentage of total revenue and changes in the terms of our channel partner distribution arrangements."

Clouds appear to be among those partners. The fees remain large: fees paid to channel partners still rose $4.8B year over year across nine months.

Google holds Anthropic's largest cloud commitment

On the buying side, Anthropic's Google hosting commitment rose from $114.5B to $121.3B, payable "regardless of actual usage." AWS remains at $110B and Microsoft at $44.9B.

Cloud GTM is central to how Anthropic scales. And Anthropic is building its own route for partners to sell into AI budgets customers have already committed.

For alliance leaders: which cloud and AI platform commitments can your customers use to buy your product?