Anthropic Crosses 40 Percent ARR From Indirect Channels
SemiAnalysis reports the share reached in second quarter 2026.
SemiAnalysis reports that Anthropic crossed 40% of its ARR from indirect channels including Bedrock, Foundry, and Gemini Agent Enterprise in the second quarter of 2026. The firm notes that API and B2B channels account for the vast majority of net new ARR dollars. Indirect revenue is monetized differently from direct sales. The update also covers fee structures and MW allocations tied to the labs' own direct and indirect splits in their Tokenomics Model.
Anthropic crossed 40% of ARR from indirect channels (Bedrock, Foundry, Gemini Agent Enterprise) in 2Q26 with API and B2B making up the vast majority of Net New ARR (NNARR) dollars at the labs. The mix shift matters because indirect revenue isn't monetized the same way direct…
Anthropic Crosses 40 Percent ARR From Indirect Channels
SemiAnalysis reports the share reached in second quarter 2026.
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2 postsOur August Tokenomics Model update includes every Hyperscaler x Lab deal individually: fee structure, gross vs net, and MW allocations tied to the labs' own direct/indirect splits and revenue per MW. (4/4)
AWS Bedrock is driving 45% of Anthropic API ARR per @SemiAnalysis_ . The market continues to misunderstand and underestimate the degree of positive sum commercial alignment between $AMZN $MSFT $GOOG and Anthropic/OpenAI, treating them more like competitors. In reality the clouds…
Depending on the deal, the hyperscaler takes an IaaS fee and/or a revenue share while the lab acts as a seller of record and counts the gross ARR. The same token spend can produce different revenue numbers and margins at the lab and at the hyperscalers. While the revenue share…
