AlmaCap@AlmaCap114204On distribution, the two labs pay very different tolls: Anthropic: pays its distributors > 47% of 2025 sales went via AWS and Google Cloud (11% in 2023) > The clouds keep c.16% of that: c.8% of total revenue, and falling OpenAI: pays Microsoft but will move to paying its
AlmaCap@AlmaCap114204With the Anthropic IPO round the corner, two things look decisive for AI from here: > Distribution: OpenAI’s c.$70bn ARR was grossed up. On its own net basis it’s c.$50bn, and the $20bn gap is what the channel keeps. Anthropic books gross, paying c.16% on roughly half its sales.