We all consider Anthropic an AI company.
But what if it’s a cloud?
Anthropic is growing much faster than the other clouds : 15x last year. GCP’s growth is far behind at 82%. But at current growth rates, Anthropic is closer to GCP’s pace, doubling next year.1
Google Cloud grew 63% year-over-year in Q1 2026. Amazon Web Services posted 28%. Microsoft Azure hit 40%. All three are exceptional. Only one hit 63%.
The divergence is striking. AWS & Azure resell compute. Google bundles compute with its own models. Whether that explains the full gap is unclear, but the structural advantage is not : Google owns Gemini & TPUs top to bottom, with no licensing fees to OpenAI or Anthropic. Its growth may be more profitable too.