SemiAnalysis on X: "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.聽 The mix shift matters because indirect revenue isn't monetized the same way direct is." / X<br>Post
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SemiAnalysis on X: "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.聽 The mix shift matters because indirect revenue isn't monetized the same way direct is."
SemiAnalysis
@SemiAnalysis_
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.聽 The mix shift matters because indirect revenue isn't monetized the same way direct is. (1/4)馃У
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124<br>49
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@SemiAnalysis_
33m
Depending on the deal, the hyperscaler takes an IaaS fee and/or a revenue share while the lab acts as a seller of record聽 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 Show more
12<br>2.9K
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@SemiAnalysis_
33m
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)
5.2K
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@SemiAnalysis_
33m
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)
4.2K
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@nguyennhatcz
31m
I feel this indirect revenue shift coming
719
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