Indirect channels top 40% of Anthropic ARR

Anthropic crossed 40% of annual recurring revenue booked through indirect channels in the second quarter of 2026, according to a SemiAnalysis post on Twitter. The routes named are Bedrock, Foundry and Gemini Agent Enterprise, all of them platforms operated by other vendors.

At a glance

• Indirect sales reach the buyer through cloud platforms operated by Amazon, Microsoft and Google, where the contract, billing and procurement sit with the platform rather than with the model provider.
• API and business-to-business sales made up the vast majority of Net New ARR dollars at the labs, the measure covering revenue added during the period rather than the existing base.
• Indirect revenue is not monetized on the same terms as direct sales, so a rising share of it shifts the economics behind an ARR figure even while the headline number grows.

Once more than 40% of recurring revenue arrives through platforms operated by other vendors, the headline ARR number and the economics underneath it start to diverge, since pricing, margin and the customer relationship are shared with the channel. The composition of new revenue points the same way, since API and business sales are carrying the bulk of what is being added. That likely makes channel terms, rather than raw ARR growth, the number worth watching at Anthropic.

Bedrock, Foundry and Gemini Agent Enterprise are the enterprise platforms of Amazon, Microsoft and Google respectively. Each sells access to third-party models alongside the platform owner's own families, so Anthropic's models are bought inside an environment that another vendor controls. The 40% reading covers all three routes together.

API and business-to-business sales made up the vast majority of Net New ARR dollars at the labs, according to SemiAnalysis. Net New ARR counts the recurring revenue added over a period, separating growth from the installed base. The reading is stated for the labs collectively, not for Anthropic alone.

Anthropic has invested $100 million into the Claude Partner Network, the program under which outside firms build and deliver services on its models. Claude Code contributed to profitable monetization of AI models in 2026, and coding has been among the clearest paying use cases for large models across the industry.

Where the indirect share settles

SemiAnalysis gives no split of the 40% among Bedrock, Foundry and Gemini Agent Enterprise, no dollar figure for Anthropic's ARR, and no share for API and business sales inside Net New ARR beyond the vast majority. There is no stated target for where the indirect share levels off. Whether the second-quarter reading holds across the rest of 2026 will only be visible in later figures.