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Sharp Tech with Ben Thompson · Friday, October 30, 2026

Anthropic's S1 confirms cloud provider revenue sharing and circular financing arrangements

Ben Thompson breaks down the financial disclosures in Anthropic's S1, revealing that about 50% of revenue comes through the big three cloud providers (AWS, Azure, Google) and highlighting how massive convertible loans from Amazon resulted in significant repricing losses.

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The tape

2 quotes
“about 50% of their revenue is coming from the big three. via those services. So it's coming through AWS, coming through Azure, coming through Google”
Ben Thompson
“Every time Anthropic raises money, the value of those shares are repriced. And they have a liability for it. to Amazon. So because they'll give the shares like I believe it'll happen with the IPO.”
Ben Thompson
Heard on Sharp Tech with Ben Thompson — “Anthropic Opens the Kimono, Bubble Questions and Frontier Costs, Q&A on Meta, Starlink, Brewers”, published Friday, October 30, 2026. Heardvine summarizes and quotes with attribution and timestamps, and links to the original everywhere.
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Anthropic's S1 confirms cloud provider revenue sharing and circular financing arrangements — Heardvine