Anthropic routed 47 per cent of its 2025 sales through Amazon and Google, according to confidential IPO documents reviewed by Reuters.

Two unnamed customers each provided 12 per cent of annual revenue. Long-term computing commitments exceeded US$417 billion by early 2026.

The disclosures expose concentration risks as Anthropic seeks a valuation near US$2 trillion.

Source: Reuters, September 29, 4:53 p.m. EDT.