[Analysis: Over 40% of Anthropic's Revenue Comes from Indirect Cloud Vendor Channels] According to SemiAnalysis, in the second quarter of 2026, over 40% of Anthropic's annual recurring revenue (ARR) came from indirect channels such as Bedrock, Foundry, Gemini Agent Enterprise. API and B2B contributed the majority of the new ARR. The report pointed out that indirect revenue requires revenue sharing agreements or payment of IaaS fees with cloud computing giants (hyperscalers). The revenue and profit margins corresponding to the same token consumption differ between the lab and cloud vendors, with related costs accounted for under the lab's sales and marketing expenses, compressing EBIT margins. At the same time, the lab can leverage large cloud contracts from cloud vendors covering the world's top 2000 enterprises, reducing the need to invest in building an expensive direct sales team.