Anthropic’s confidential IPO filing offers a rare glimpse into the fast-growing AI company — and highlights how heavily its business depends on a handful of customers and technology giants, according to Reuters.

Nearly 47% of Anthropic’s 2025 revenues, or about $2.16 billion, came through the cloud marketplaces of Amazon and Alphabet’s Google. Both companies are not only major investors in Anthropic but also key providers of the computing infrastructure it needs to run its AI models.

At the same time, they compete with Anthropic in the rapidly evolving AI market. This creates a complicated circular economic relationship.

Revenues Are Growing Fast, but Wider Losses Raise Concern

Anthropic’s business has expanded at a remarkable pace. Revenues jumped nearly 12-fold in 2025 to about $4.6 billion, while operating losses more than doubled to more than $8 billion.

Most of its revenues — roughly $3.8 billion — came from customers paying according to their use of Claude, Anthropic’s AI platform. Subscription revenues were much lower at $789 million. The company expects usage-based revenues to remain the dominant part of its business for the foreseeable future.

Rosier Facts of Anthropic

Anthropic sees its total addressable market (TAM) exceeding $30 trillion, ahead of the $28.5 ‌trillion estimates from SpaceX, per the Wall Street Journal, as quoted on Reuters.

Anthropic’s enterprise focus and strong coding capabilities could support higher profit margins over the long run than consumer-focused AI applications like OpenAI’s ChatGPT.

CNBC reported that Anthropic’s annualized revenue run rate reached about $65 billion at the end of July 2026, versus $40 billion for OpenAI, reflecting its rapid growth.

Cloud Partners Take a Growing Slice

Anthropic’s revenue dependence on Amazon and Google has risen sharply, with their share climbing from 11% in 2023 to 32% in 2024, before reaching nearly half of revenues in 2025.

Anthropic also paid $351 million in distribution fees — equivalent to 16 cents for every dollar of marketplace revenues — underscoring its reliance on cloud partners.

Need for Massive Infrastructure

Anthropic’s non-cancellable hosting and computing commitments rose from $54.6 billion at the end of 2025 to more than $417 billion by early 2026, covering 3.5 GW of capacity.

While this shows promise, it needs an enormous amount of infrastructure required to train and operate increasingly powerful AI models.

Reuters reported that Broadcom is lending up to $42 billion to support its infrastructure buildout (cited by Yahoo Finance), potentially making Anthropic Broadcom’s compute customer by 2027, cited by Yahoo Finance.

Anthropic to Hit a $2T Valuation?

Anthropic raised its 2028 revenue forecast to $190-$200 billion, according to Reuters, per Stocktwits, as cited by Yahoo Finance. The company raised $65 billion at a $965 billion valuation in May, while some investors now value it at $2-$3 trillion.

Despite the estimated $10-$15 billion in cumulative losses, it could post its first quarterly GAAP operating profit in Q3 2026, per Value Added VC.

Competition & Conflicts of Interest

Anthropic acknowledges that its circular financing and economic model could create conflicts, as Big Tech firms are simultaneously its investors, suppliers, distributors and, in some cases, customers. Their access to Anthropic’s pricing could also affect compute access and commercial terms.

Customer Concentration Is Another Concern

Two unnamed customers each contributed 12% of 2025 revenues, while many major clients lack long-term contracts, leaving Anthropic exposed to revenue pressure if AI spending slows.

Fixed Costs, Variable Revenue: Yet Another Risk

Anthropic faces a fixed compute commitment of $1.25 billion a month through May 2029, or about $15 billion annually — nearly 30% of estimated 2026 revenues, per Benzinga, cited by Yahoo Finance. With costs fixed but revenues tied to usage, weaker demand could pressure profitability.

Bottom Line

The Anthropic IPO could draw strong investor interest, but profitability, cash burn and Big Tech dependence remain key risks.

The bigger question is whether Anthropic can convert surging AI demand into a profitable, diversified business without relying too heavily on its Big Tech competitors.

ETFs in Focus

Against this backdrop, one needs to keep a close tab on IPO ETFs like Renaissance IPO ETF (IPO Quick QuoteIPO - Free Report) .

Other AI ETFs like Global X Artificial Intelligence & Technology ETF (AIQ Quick QuoteAIQ - Free Report) and Roundhill Generative AI & Technology ETF (CHAT Quick QuoteCHAT - Free Report) may also keep the stock in their kitties.

Anthropic AI Lab Ecosystem ETF (ANTW Quick QuoteANTW - Free Report) is also a strong pick here. The fund currently seeks to provide exposure to the portfolio-eligible companies most directly linked to the Anthropic artificial intelligence ecosystem.

KraneShares Public-Private AI & Technology ETF (AGIX) already provides exposure to both publicly listed and private AI and technology companies to capture a multi-segment AI ecosystem.It allocates assets to private AI companies such as Anthropic, Apptronik, Ayar Labs, Nuro, and Polymarket.

GraniteShares prepares to launch the leveraged single-stock ETF on Anthropic, namely GraniteShares 2x Short Anthropic Daily ETF (ANS).