[40% of Anthropic's ARR Comes from Cloud Vendors: $65 Billion Annualized Revenue Isn't Easy to Earn] Beating AI News Flash: Anthropic's annualized revenue recently hit $65 billion, but SemiAnalysis broke down this revenue in detail. According to their model estimates, over 40% of Q2 ARR came from indirect channels like AWS Bedrock, Microsoft Foundry, and Google's enterprise AI platforms. The key question is how much profit can be retained from this revenue. Take Bedrock as an example: Claude is sold by Anthropic as the vendor. Anthropic counts the total token sales into ARR, then pays AWS for computing costs and channel commissions. In other words, for every $1 of ARR sold through cloud platforms, Anthropic ends up keeping less money compared to direct sales. So while the $65 billion ARR isn't fake revenue, the revenue structure is clearly less robust. The higher the proportion of channel sales, the less directly revenue growth translates into profit growth. If you only look at ARR, you might overestimate the contribution of this revenue to Anthropic's final profit. Of course, the channel model has its advantages. AWS, Microsoft, and Google already have a large base of enterprise customers and procurement contracts, allowing them to directly bundle Claude into existing cloud bills. Anthropic is currently trading part of its profit for scale and customer acquisition efficiency. [Original Link]