Amazon and Google hold stakes in artificial intelligence company Anthropic worth a combined figure approaching $400 billion, according to estimates based on the company’s latest regulatory disclosures ahead of its planned stock market debut. The two technology groups are among Anthropic’s largest shareholders, despite also competing with the company and supplying essential computing infrastructure for its operations.
According to calculations by The Information, their combined holdings are valued at nearly $400 billion, based on an estimated enterprise valuation of $1.4 trillion for Anthropic. That figure could rise during the investor and analyst roadshow launched by the company ahead of its initial public offering (IPO). The Financial Times has reported that the valuation could reach $1.5 trillion if investor demand increases.
Neither Amazon nor Google is expected to hold voting shares in Anthropic, the company led by Dario Amodei. This arrangement means that, despite their substantial financial interests, the two technology groups will not have direct voting influence over the company’s management, reducing potential concerns for antitrust authorities about their control of the AI developer.
Amazon’s overall economic interest in Anthropic could amount to approximately 20% of its outstanding shares. However, under a self-imposed ownership cap, its direct shareholding will not exceed 12%. The remainder of its exposure is held through convertible bonds that can be converted into equity over time. At the midpoint of the proposed IPO price range, Amazon’s total stake, including these convertible instruments, would be worth approximately $258 billion. The valuation reflects an investment of around $18.6 billion in Anthropic.
Google holds approximately 10% of Anthropic’s capital, with an estimated value of $132 billion, following investments totalling about $33 billion. Its ownership is subject to a separate limit of 14.99%, restricting the pace at which it can convert any convertible bonds received in connection with future investments into shares.
Other institutional shareholders include Nvidia, which is estimated to own close to 3%, and Microsoft, alongside major investment funds and private equity groups. These include Capital Group, Coatue, D1 Capital, GIC, ICONIQ, Blackstone, Brookfield, Fidelity, General Catalyst, Insight Partners, Lightspeed Venture Partners, Spark Capital, Bessemer Venture Partners, MGX, T. Rowe Price and Temasek. Many participated in Anthropic’s successive funding rounds, including its most recent $65 billion financing round in May.
The company’s seven co-founders collectively hold approximately 13% of its capital but retain control through special Class F shares, which give them 50.1% of voting rights.
The financial relationship between Anthropic and its major technology investors extends well beyond shareholdings. Its latest regulatory filing details substantial long-term commitments to purchase computing capacity from the same companies that have invested in its growth.
Anthropic has committed to spending at least $121 billion with Google Cloud through July 2033, alongside an additional $150 billion for computing capacity using artificial intelligence tensor processing units (TPUs) developed by Google’s parent company, Alphabet. The company’s S-1 registration statement identifies OpenAI and Alphabet itself among its principal competitors.
Its commitments to Amazon are similarly extensive. Anthropic has agreed to invest at least $110 billion in Amazon’s cloud division through 2036. It has also undertaken commitments worth $49 billion to Microsoft through 2033 and up to $120.5 billion to SpaceX through 2029.
Microsoft and Google are also among the participants in a private placement that Anthropic is conducting alongside its IPO, through which the company aims to raise $26 billion. Other participants include AMD, Broadcom, Micron Technology, Nvidia and Taiwan Semiconductor Manufacturing Company (TSMC).
The overlap between investment partnerships and competition has become increasingly pronounced. On Tuesday, Anthropic announced new tools in its Claude platform designed for enterprise work, introducing products that threaten the established positions of Microsoft’s Office suite and Google’s Workspace.
