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

According to SemiAnalysis, Anthropic's ARR from indirect channels (Bedrock, Foundry, Gemini Agent Enterprise) in Q2 2026 has exceeded 40%, with API and B2B contributing the majority of new revenue. The monetization model for indirect channels differs from direct revenue; cloud service providers typically charge IaaS fees or revenue sharing. Laboratories account for gross ARR, but related costs are reflected in sales and marketing expenses. Indirect channels require precise computational resource allocation analysis at the individual transaction level.