Amazon-backed Anthropic (AMZN) has seen its revenue grow fast in 2025, which has led the AI company to share more financial details with investors. Indeed, the company stated that its gross profit margin from selling its Claude chatbot and AI models directly to customers is around 60% and trending toward 70%, according to The Information. Some investors are so excited by these trends that they are willing to value Anthropic at over $100 billion, which is nearly double its $58 billion valuation from just four months ago. However, not all of Anthropic’s sales are equally profitable.
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In fact, when Claude models are sold through Amazon Web Services or Google Cloud (GOOGL)—which also happen to be major investors—the company makes significantly less, with gross margins as low as -30%. This is likely because these platforms take a large share of the revenue. Still, most of Anthropic’s business comes from direct sales, which made up about 70% of revenue at the end of 2024. However, as cloud partners become more involved, their share of future revenue is expected to increase. Despite these mixed margins, Anthropic’s total gross margin may have stayed flat since late 2023, when it stood between 50% and 55%.
Nevertheless, investors are optimistic about Anthropic’s explosive growth, as its annualized revenue has topped $4 billion in the first half of 2025 due to its fast-growing Claude Code product. Interestingly, Claude Code alone is generating over $200 million in annualized revenue. It also saw its weekly downloads surge to 3 million in June, which was a sixfold increase. As a result, if these trends continue, Anthropic could not only beat its revenue targets but also justify a valuation greater than $100 billion.
What Is the Price Target for AMZN Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on Amazon stock based on 44 Buys and one Hold assigned in the past three months. Furthermore, the average AMZN stock price target of $251.44 per share implies 12.6% upside potential from current levels.
