Exclusive-Anthropic IPO prospectus lays bare deep dependence on Big Tech partners

FILE PHOTO: An Anthropic logo is displayed at Moscone Center during the Dreamforce 2026 technology summit in San Francisco, California, US, September 17, 2026. REUTERS/Carlos Barria/File Photo

FILE PHOTO: Anthropic logo, a keyboard, and a robotic hand in this illustration taken June 5, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

FILE PHOTO: Anthropic Co-Founder and CEO Dario Amodei reacts at Dreamforce 2026 summit in San Francisco, California, U.S., September 15, 2026. REUTERS/Carlos Barria/File Photo

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Sept 29 : Anthropic's IPO prospectus shows how much it depends on a small group of customers and tech giants, highlighting key risks for the AI developer as it asks investors to back its ambitious, capital-intensive plan that it says will transform the global economy.

The company routed 47 per cent of its sales to customers last year through cloud partners Amazon and Alphabet's Google, according to a copy of its confidential IPO filing seen by Reuters. Those two companies, which are supercharging the AI developer's distribution and collecting customer bills on its behalf, are also big Anthropic investors, critical suppliers of computing power and direct rivals in AI.

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