Anthropic S-1 披露云市场渠道收入占比升至 48%
Anthropic 的 S-1 显示，2026 年上半年近半收入来自云市场渠道，占比达 48%，高于 2023 年的 11%，对应约 $7.8B，主要经 Bedrock、Vertex 和 Azure Marketplace 销售。作者指出，云平台既向 Anthropic 提供算力，又从渠道收入中收取费用，相关费用未计入收入成本，因此不影响其 85% 的毛利率。
One of the more under-appreciated details in Anthropic's S-1:
Nearly half of Anthropic's revenue now flows through cloud marketplaces - 48% in the first half of 2026, up from 11% in 2023. That's roughly $7.8B of revenue in six months sold through Bedrock, Vertex and Azure Marketplace instead of direct.
Which means the hyperscalers get paid twice! They sell Anthropic the compute - Anthropic has committed hundreds of billions of dollars to AWS, Google and Microsoft - and then they take a fee on roughly half of the revenue distributed through their marketplaces.
Also on gross margin...those marketplace fees don't sit in cost of revenue. They're in sales, marketing & partnerships, so they never touch the headline 85% gross margin everyone is quoting today. Fees paid to channel partners alone rose ~$2.7B year over year in H1 2026.
Hyperscalers feel like they're kind of the winner here all around though reading through this.
来源：Bensign · x.com