Nearly half of revenue through Marketplaces

• Marketplace share: 44% in H1 2025 grew to 48% in H1 2026

• H1 revenue: $1.2B → $16.3B

• My math: marketplace sales went from ~$0.5B to $7.8B. That's 15x.

Anthropic owns the customer. The cloud earns a fee

From the S-1:

"We have a joint go-to-market approach with these CSPs through which we establish direct contractual relationships with our customers while paying a fee to each CSP. This structure allows us to foster stronger commercial alignment with these CSPs, avoid channel conflict, set pricing, and realize the financial benefits of ongoing compute efficiency improvements."

(CSP = cloud service provider)

Co-sell is in the growth plan

Anthropic credits the clouds' sellers:

"these CSPs extend our reach through their large combined field teams that are empowered to sell our platform and applications, accelerating market penetration at a scale we believe would be difficult for any single organization to directly replicate."

And it plans more: "We intend to deepen our cloud distribution partnerships and expand the enablement of partner field teams to sell, deploy, and integrate Claude."

The reach has a price

Anthropic books channel fees in its "sales, marketing, and partnerships" expense, not in cost of revenue. That line grew from $120M to $3.2B in a year (H1 2025 vs H1 2026).

• $2.7B of the increase was fees paid to channel partners

• Marketing and advertising rose only $273M

• Channel partners appear to include the clouds, since Anthropic pays "a fee to each CSP", but no split is disclosed

Anthropic has built a network of 4,000+ partners

Why? Because AI doesn't deploy itself.

From the S-1:

"Intelligence is one limiting factor, but so are connectors that do not yet exist, governance frameworks that are not yet written, and orchestration logic that needs to be built from scratch."

So major systems integrators "have built dedicated Claude practices."

Claude Partner Network, launched in March 2026, now includes:

• 4,000+ partner organizations

• 150,000+ certified practitioners

• $100M committed in 2026 for training, certification and joint market development.

Plus new bets like this:

• Claude Frontier Academy: $100M to fix "the shortage of engineers who can take AI from an initial use case into production." Target: 10,000 engineers by end of 2027.

• Ode with Anthropic: a services company backed by private equity firms, for mid-sized companies.

For AI companies, cloud GTM is core distribution

At Anthropic, it scales faster than its business.

What share of your revenue closes through the clouds today?