Reuters reviewed its confidential IPO filing.

The share of Anthropic's revenue through AWS and Google marketplaces rapidly climbed:

• 2023: 11% of revenue

• 2024: 32%

• 2025: 47%, on nearly $4.6B in total revenue

Total revenue grew ~12x in 2025. Marketplace sales grew ~18x, by my calculation.

Enterprise reach that's hard to replicate

Anthropic says selling Claude through AWS, Google and Microsoft taps their sales networks and existing customers.

That accelerates "market penetration at a scale we believe would be difficult for any single organization to directly replicate."

Cloud commits matter too. Google said last year customers could buy Claude on Google Cloud Marketplace and "draw down on your Google Cloud spend commitments."

For an enterprise adopting AI, Claude fit into a budget and procurement relationship already in place. That's one reason Anthropic scaled so fast in enterprise AI.

Usage grows. Clouds collect

Anthropic's usage-based revenue hit $3.8B in 2025, versus $789M from subscriptions. Metered AI spend fits naturally into cloud purchasing.

Amazon and Google were responsible for collecting 60% of its $909M in outstanding customer bills at year-end 2025, up from 42% in 2024.

That's ~$545M Anthropic didn't have to chase. It still contracts directly with customers, while the clouds do much of the collection work. That lowers the burden of scaling enterprise billing.

The 16% distribution question

Reuters estimates $351M in distribution fees to the clouds. That’s 16.25% if you compare to Marketplace revenue.

Standard marketplace fees run 1.5–3%. So what explains the gap?

• Claude on Amazon Bedrock and Google's Vertex AI is sold inside the clouds' own AI services. That can carry different terms from a standard SaaS listing.

• Channel partners could play a role. In AWS Channel Partner Private Offers, AWS pays both the vendor and the reseller from the same sale.

• Broader revenue-sharing terms could sit within the clouds' investment and compute relationships.

One of them, or all three? Curious how you read it.

From Marketplace seller to operator

Cloud marketplaces worked so well that Anthropic built its own. In limited preview, Claude Marketplace lets eligible customers spend part of their Anthropic commitment on partner products.

Two weeks ago OpenAI also launched its own marketplace on the same commit-drawdown model.

This is how AI is now sold: against committed budgets and tapping into existing customer bases. That's why the cloud marketplace model keeps scaling.

​Source