Michael Burry has questioned Anthropic’s financial reporting ahead of its potential IPO, raising concerns about Amazon and Google. On November 6, 2026, the prominent US investor questioned whether major cloud partners were helping improve Anthropic’s financial appearance.
His concerns emerged after the AI company reported nearly USD 17 billion in third-quarter revenue. Burry believes changes in distribution agreements deserve closer investor attention.
The controversy centers on Anthropic’s declining sales and marketing expenses, which dropped to 14% of revenue. The figure stood at 19% during the second quarter and 22% in the first quarter.
Burry suspects negotiable agreements with major distribution partners could influence these numbers. However, he presented a possibility rather than evidence of financial manipulation.
In a Substack post, the investor questioned whether Anthropic's partners were helping improve its financial results ahead of the IPO. “Could it be that Anthropic's magnificent partners are helping Anthropic dress up results for the IPO? Yes, it could. Every little bit helps,” he wrote.
Anthropic distributes its Claude AI models through cloud marketplaces operated by major technology companies. These partners collect customer payments, retain a portion and transfer the remaining revenue to Anthropic. Such arrangements make distribution costs an important part of the company's financial structure.
Channel partners generated approximately 48% of Anthropic’s revenue during the first half of 2026. The channel partners’ share of revenue declined to nearly 40% in the third quarter.
Anthropic attributed lower expenses partly to changing distribution terms and reduced partner-channel revenue. Burry believes investors should examine these arrangements before evaluating the company's IPO prospects.
Amazon, Alphabet and Microsoft maintain significant commercial relationships with Anthropic. Their overlapping roles as investors, infrastructure providers and distribution partners raise questions about financial transparency. However, these relationships alone do not establish improper accounting or coordinated financial support.
Burry’s warning arrives during growing uncertainty across global AI stocks. Concerns about tighter US regulations have intensified investor worries following the Democrats' midterm election victory. Nasdaq dropped 6%, marking its steepest single-day decline since March 2020. South Korea’s Kospi also plunged more than 9%, triggering a circuit breaker.
The broader correction adds pressure to Anthropic’s ambitious valuation expectations. Investors must now assess whether its rapid revenue growth can support substantial infrastructure commitments.
Burry’s questions highlight why the company's distribution agreements and expenses deserve independent scrutiny. Ultimately, Anthropic's IPO numbers will face closer examination as market confidence in artificial intelligence weakens.
Also Read: Anthropic’s AI Productivity Gains Could Reshape the Economics of Model Development