SemiAnalysis: Anthropic Q2 over 40% ARR comes from indirect channels

In comparison, according to SemiAnalysis, Anthropic's ARR from indirect channels (Bedrock, Foundry, Gemini Agent Enterprise) in Q2 2026 accounted for more than 40%, and API and B2B contributed most of the new revenue. Indirect channels differ from direct revenue monetization models. Cloud service providers usually charge IaaS fees or revenue shares. Laboratories include gross ARR, but related costs are reflected in sales and marketing expenses, and indirect channels require computing power allocation analysis accurate to the level of a single transaction.