Nearly half of Claude revenue now flows through cloud marketplace commitments, up from 11%
BenBajarin · x · 2026-10-26
Anthropic's financial disclosure shows revenue via CSP marketplaces surging from 11% in 2023 to 32% in 2024 and 47% in 2025, with 44%–48% in the first halves of 2025 and 2026. CSPs act as collection agents, and related net accounts receivable stand at 42%–60%.
Ben Bajarin notes this means nearly half of Claude revenue is purchased through customers' existing cloud commitments — extremely bullish for cloud infrastructure revenue and strategically important for long-term cloud market share.
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