One of the more under-appreciated details in Anthropic's S-1: Nearly half of Anthropic's revenue now flows through cloud marketplaces - 48% in the first half of 2026, up from 11% in 2023. That's roughly $7.8B of revenue in six months sold through Bedrock, Vertex and Azure Marketplace instead of direct. Which means the hyperscalers get paid twice! They sell Anthropic the compute - Anthropic has committed hundreds of billions of dollars to AWS, Google and Microsoft - and then they take a fee on roughly half of the revenue distributed through their marketplaces. Also on gross margin...those marketplace fees don't sit in cost of revenue. They're in sales, marketing & partnerships, so they never touch the headline 85% gross margin everyone is quoting today. Fees paid to channel partners alone rose ~$2.7B year over year in H1 2026. Hyperscalers feel like they're kind of the winner here all around though reading through this.