According to CoinMeta, the latest documents show that Anthropic is becoming increasingly dependent on Google, Amazon, and Microsoft to sell its artificial intelligence technology to customers. As per the IPO filing released on Monday, in the first half of 2026, sales generated through the cloud markets of these three “ultra-large cloud service providers” accounted for 48% of its total revenue, compared to just 11% in 2023. These cloud service providers are responsible for collecting payments from customers and then transferring the funds to Anthropic after deducting their own fees. Anthropic increased its payments to channel partners by $2.7 billion in the first half of this year compared to the same period last year. This cooperation model has driven the rapid growth of Anthropic, with the company achieving sales of $11.55 billion in the second quarter and recording a operating profit of $974 million. The documents also warn of potential risks, stating that these cloud service providers play roles as investors, customers, distribution partners, and competitors at the same time, and may give priority to promoting their own AI models, which could attract attention from antitrust regulators.