Anthropic's IPO prospectus, reviewed by The Economic Times, discloses how much of the company's commercial engine depends on two Big Tech partners: Amazon and Google. The filing shows the AI lab relies on both companies in two distinct ways — for the compute capacity that trains and serves its models, and for the sales channels that bring its products to market.

The dual dependency matters for different reasons. Compute ties Anthropic's ability to build and run frontier models to the capital-spending decisions of AWS and Google Cloud. Sales reliance means a meaningful share of Anthropic's revenue path runs through distribution relationships with the same two firms, which are also competitors in the cloud and AI markets.

This structure is not unique to Anthropic, but the prospectus makes the scale of the reliance explicit in a way private companies rarely have to. Investors reading the filing will have to weigh the concentration risk: a single corporate relationship now touches both the supply side and the demand side of the business.

The filing lands amid an ongoing wave of AI company disclosures, where vendor and partner claims are increasingly subject to public-market scrutiny. What the prospectus measures — the stated dependencies on Amazon and Google for compute and sales — can now be interrogated against reported figures as the IPO process advances.

How Anthropic's underwriters price that concentration risk, and whether the company diversifies its compute and go-to-market mix before listing, will be among the first questions public investors ask.