Amazon, Google Stakes in Anthropic Could Top $400B at IPO
Amazon and Google, Anthropic's biggest backers, could see their combined stakes worth about $411 billion at the top of the IPO range, Reuters calculated.
Amazon and Google, the two largest outside investors in artificial intelligence company Anthropic, stand to see their holdings gain hundreds of billions of dollars in value if the Claude maker goes public at the prices now being discussed, according to Reuters and The New York Times.
Reuters calculated, based on an Anthropic filing, that the two stakes could be worth a combined $411 billion if the company prices its initial public offering (IPO) at the top of its proposed range. The New York Times reported that the two companies collectively own more than 25% of Anthropic, and that Amazon’s roughly $18 billion investment could be worth more than $250 billion, while Google’s roughly $33 billion could reach about $140 billion.
What the numbers show
In a factbox, Reuters said Amazon has put in $18.0 billion through loans between 2023 and 2025 and through share purchases in April and May 2026. At a reference price of $78 per share, it valued that stake at $271.8 billion.
Google, a unit of Alphabet, invested $33.3 billion through loans from 2023 to 2025, share purchases in March and May 2026, and a private placement, Reuters said. At the same $78 reference price, Reuters valued that stake at $139 billion.
The private placement is a sale of shares directly to selected investors ahead of the public listing. Reuters said Google would put in $10 billion at $78 per share for a 0.98% stake, and that Nvidia would invest the same amount for the same stake. Smaller placements were listed for AMD ($2.5 billion), Broadcom, Microsoft and Micron ($1 billion each) and TSMC ($0.5 billion). In total, the placement is $26 billion for a 2.55% stake, Reuters reported.
These are paper values. They rest on a proposed price, not a trading price, and other calculations using different share prices or share classes produce different results. Reuters did not state the bounds of the price range in the factbox, and none of the reports describe a final IPO price.
Why it matters
Anthropic was most recently valued at $965 billion in a private funding round, Fortune reported, and analysts widely expect a listing at $1 trillion or more. That would make it one of the largest technology IPOs on record.
The investments are unusually intertwined with business ties. Reuters reported in September, after reviewing Anthropic’s confidential IPO filing, that about 47% of the company’s 2025 revenue, roughly $2.16 billion, came through cloud marketplaces run by Amazon and Google. Both companies also supply computing power to Anthropic and compete with it in AI. The filing warns that reliance on a few partners could create conflicts of interest and affect Anthropic’s access to computing capacity, Reuters said.
The structure of the holdings differs. Fortune reported that Amazon’s position combines convertible notes and nonvoting preferred stock, and that Amazon does not disclose its ownership percentage. Court documents show Google holds about 14% in straight equity, contractually capped at 15%, according to Fortune. Estimates of stake sizes vary across outlets, and Anthropic has not publicly confirmed them.
Amazon booked $16.8 billion in pre-tax gains from its Anthropic position in the first quarter of 2026, Fortune reported, citing company filings. Amazon attributed part of the markup to Anthropic’s latest funding round and the conversion of some convertible notes.
What comes next
The final IPO price, share count and listing date have not been announced in the reports reviewed. Public filings are expected to supply the precise ownership figures, and the actual value of the stakes will depend on where the shares price and how they trade afterward.
Amazon declined to comment when Reuters asked about the earlier report on Anthropic’s reliance on cloud partners. Anthropic and Alphabet did not respond to Reuters’ requests for comment at that time. The reports reviewed here do not include any new statements from the companies on the stake valuations.
Both Amazon and Google have also committed to further investments in Anthropic, some tied to conditions, Fortune reported, so their final exposure could change.
