Anthropic 越来越依赖间接收入渠道，到 2026 年第二季度，其年经常性收入 (ARR) 的 40% 以上来自 Amazon Bedrock、Google 的 Gemini Agent Enterprise 和 Microsoft Azure Foundry 等平台。这一转变意义重大，因为间接收入的变现方式与直接销售不同，会影响利润率。虽然这些合作伙伴关系降低了 Anthropic 的直接销售人员成本并利用了超大规模云服务商的分销能力，但这也意味着超大规模云服务商将获得更大比例的收入，可能会降低 Anthropic 的 EBIT 利润率。 AI
影响 这一转变凸显了人工智能行业不断变化的变现策略，影响着实验室和云服务提供商如何分配收入和计算资源。
排序理由 对人工智能实验室的收入模式和渠道转变的分析，而非直接产品发布或研究里程碑。
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Our 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)
Labs benefit from not deducting costly direct enterprise sales forces into acquiring this revenue and hyperscalers distribution advantages via massive cloud contracts with enterprises in the Global 2000. (3/4)
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 h…
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 is.…