Key Highlights

  • About 48% of Anthropic's first-half 2026 Revenue came through cloud marketplaces, the S-1 chart data shows, and a private bank's CIO office names AWS, Google Cloud and Azure as the three channels, so cloud owners such as Amazon (NASDAQ:AMZN) earn when Claude is used.
  • Google Search runs at more than USD 250 billion a year against roughly USD 1 billion for ChatGPT ads, a private bank's CIO office says, so scale keeps the threat to Alphabet (NASDAQ:GOOGL) in proportion for now.
  • Anthropic counts the gross value of some sales through cloud partners, while OpenAI counts only its share, a private bank's CIO office says, a gap that matters for Microsoft (NASDAQ:MSFT) as an Azure seller and makes Claude and ChatGPT run rates not directly comparable.
  • The S-1 chart data lists USD 161.2B for Broadcom (NASDAQ:AVGO) as the largest of seven named Anthropic compute commitments, USD 637.0B in total, with Amazon at USD 110.0B and Microsoft at USD 44.9B.

Alphabet (NASDAQ:GOOGL): Search Against ChatGPT Ads

A note from a private bank's CIO office, dated October 29, 2026, frames the Alphabet question in numbers. Google Search runs at more than USD 250 billion a year, while ChatGPT ads run at roughly USD 1 billion. Simple arithmetic on the two scale figures puts Search at roughly 250 times the size of ChatGPT ads today. Search growth slowed to 12% in the third quarter, from 17% and 19% in the previous two quarters, and Alphabet (NASDAQ:GOOGL) shares fell about 8% after results on October 28, even as Google Cloud revenue roughly doubled, according to the same note. The note calls a sponsored answer in ChatGPT the closest substitute yet for a Google search ad, because it reaches users at the moment of intent. It says OpenAI has told investors it expects about USD 2.5 billion of ad revenue this year and USD 100 billion by 2030, projections and not results. The note judges the realistic risk to be a gradual erosion of pricing power, not a collapse of Search, and points to Gemini and AI Mode as defences. Items to watch include Search growth after the 12% reading.

Amazon (NASDAQ:AMZN): Supplier and Sales Channel

A private bank's CIO office explains that Anthropic is largely distributed through the cloud platforms of Amazon Web Services, Google Cloud and Microsoft Azure, and the S-1 chart data shows about 48% of first-half 2026 revenue came via cloud marketplaces. Customers can buy Claude models through those marketplaces, so Amazon (NASDAQ:AMZN) is both a compute supplier to Anthropic and a sales channel for it. The S-1 chart data lists the Amazon commitment at USD 110.0B within USD 637.0B of named contracts, and simple arithmetic on those two figures puts it at about 17.3% of the named total. The same chart data puts sales, Marketing and partnerships costs, which include cloud-partner fees, at USD 3.2B in the first half of 2026, up from USD 120 million a year earlier. Those costs grew 26.4 times against revenue growth of 14.0 times. The note adds that cloud partners such as Amazon (NASDAQ:AMZN) are also competitors with their own models, and that about 20% of first-half revenue came from just two customers.

Microsoft (NASDAQ:MSFT): Azure and the Gross Versus Net Gap

A private bank's CIO office lists Azure alongside AWS and Google Cloud among the marketplaces behind almost half of Anthropic's first-half 2026 revenue. For Microsoft (NASDAQ:MSFT), that makes Azure a sales channel as well as a compute supplier. The S-1 chart data names USD 44.9B as the Anthropic commitment tied to Microsoft, about 7.0% of the USD 637.0B named total on simple arithmetic. A market commentator wrote on October 26, 2026 that OpenAI books its Microsoft sales net, after Microsoft's cut, while Anthropic books cloud resales gross, a difference he says can distort revenue comparisons. The private bank's note makes the same point: Anthropic counts the gross value of some sales through cloud partners, while OpenAI counts only its share. It cites OpenAI at nearer USD 50 billion of run rate at the end of September 2026 and Anthropic above USD 65 billion at the end of July 2026, as reported, and says investors should wait for audited, like-for-like numbers. The commentator also gives a lower figure for Microsoft (NASDAQ:MSFT) of USD 31 billion, which is not merged with the chart data.

Broadcom (NASDAQ:AVGO): The Largest Named Commitment

Anthropic filed its S-1 with the SEC on October 26, 2026. Charts built on it name compute commitments by partner, and Broadcom is the largest at USD 161.2B, ahead of SpaceXAI at USD 120.5B, Google Cloud at USD 114.5B and Amazon at USD 110.0B. The named contracts total USD 637.0B, so simple arithmetic puts Broadcom (NASDAQ:AVGO) at about 25.3% of that total. The chart data also gives cash and short-term investments of USD 131.7B at June 30, 2026, and labels the ratios it calculates: named commitments equal 4.8 times that cash, or 13.8 years of revenue at the Q2 2026 run rate. A commitment is a contractual obligation to buy capacity, so what it means for supplier revenue depends on timing, which the chart data does not give. The chart notes say the S-1 leaves its own aggregate blank, and a private bank's note cites at least USD 518 billion over the next decade, a different total that we keep separate. For Broadcom (NASDAQ:AVGO), the item to watch is whether Anthropic's revenue growth keeps pace with its obligations.

Where Things Stand

The four earn in different ways. Amazon (NASDAQ:AMZN) sits on cloud marketplaces that carried about 48% of Anthropic's first-half 2026 revenue. Microsoft (NASDAQ:MSFT) is another seller through Azure. Alphabet (NASDAQ:GOOGL) earns from Search at more than USD 250 billion a year against roughly USD 1 billion for ChatGPT ads. Broadcom (NASDAQ:AVGO) is the largest named compute commitment at USD 161.2B. Gross versus net booking means Claude and ChatGPT run rates are not like for like. Sources give different commitment totals, USD 637.0B and at least USD 518 billion, and we report each separately. This is context, not Investment advice.