CIIB-006: Anthropic Pays Rent to Its Rivals. Who Owns the Customer?

Reuters read Anthropic's confidential draft IPO prospectus. Nearly half of 2025 revenue, $2.16 billion, ran through Amazon and Google, the companies that fund Anthropic, sell compute to Anthropic, and compete with it. CIIB-006 re-nets the revenue, separates run rate from recognized sales, and makes four dated calls, including our postulate that the clouds will carry 60% of Anthropic's revenue by the end of 2027.