Anthropic IPO Filing Shows 47% of 2025 Sales Came From Amazon, Google

The disclosure matters less as a growth metric than as a governance and valuation question: two of Anthropic's largest shareholders are also its largest revenue channels, so the company's commercial fate is entangled with the strategic priorities of its own backers. That circularity cuts both ways — it provides distribution scale but leaves Anthropic exposed if either partner reallocates spend or builds competing models. The open question is whether the filing prompts greater scrutiny of related-party dependencies and whether Anthropic can diversify its revenue base before lock-up dynamics force the issue.