Anthropic, most recently valued at $965 billion, has confidentially filed for an IPO—gearing up for what could be one of the largest public offerings in history.
Details on the share count and price range won’t be officially disclosed until the S-1 registration statement is released to the public. Still, the company is widely expected to target a $1 trillion, or higher, valuation, a figure that could make hundreds of Anthropic employees millionaires and deliver a huge payday for some of its early investors.
When the hotly anticipated IPO does arrive, Anthropic’s early investors are set to win big—especially Amazon and Google.
In addition to Amazon, Anthropic’s backers include Google, Microsoft, Nvidia, and a roster of top venture firms including Spark Capital, Menlo Ventures, Lightspeed, General Catalyst, and Sequoia, as well as sovereign wealth funds from Singapore, Qatar, and Abu Dhabi.
The AI labs’ worth has risen from $61.5 billion in March 2025 to $965 billion in just over a year. Over that period, the company has recently seen its customer base explode in part due to the popularity of its Claude Code product as well as the widespread adoption of its general-use Claude chatbot. Anthropic has also become a favorite among enterprise customers, in part due to its focus on AI safety.
Amazon’s history of investing in Anthropic
Amazon first began investing in the AI startup in 2023, putting in around $8 billion across a series of installments. Since then, this stake has grown to be worth roughly $74 billion on paper, according to a company filing from April. That’s split between $42.2 billion in Anthropic convertible notes and $32 billion in nonvoting preferred stock.
That combined $74.2 billion on paper was marked against Anthropic’s $380 billion Series G valuation in February 2026—the AI lab’s valuation has since hit $965 billion. And Amazon has continued to deploy capital; a further $5 billion was invested after the quarter closed, and it holds a commitment to invest up to $20 billion more.
The two companies are also deeply intertwined commercially: Anthropic has committed to spend more than $100 billion on Amazon’s chips and cloud infrastructure over the next decade, and Amazon’s AWS sells Claude to its enterprise customers through its Bedrock platform.
Those paper gains have already shown up in Amazon’s financial results.
In Q1 2026 alone, Amazon booked $16.8 billion in pre-tax gains from its Anthropic position, including $12.3 billion from an upward revaluation of its holdings following Anthropic’s latest funding round. Amazon previously told Fortune the markup was triggered by Anthropic’s Series G funding round and the conversion of some of its convertible notes into preferred stock.
Amazon does not disclose its ownership percentage, but estimates based on its public filings put its stake somewhere in the mid-to-high teens, implying a position worth anywhere from roughly $135 billion to $160 billion of Anthropic’s current $965 billion valuation. The S-1 will put a precise number on what could have become one of the most valuable corporate stakes in Silicon Valley history.
Google’s stake in Anthropic
Another big winner is Google. Court documents have confirmed the search giant holds roughly 14% of Anthropic in straight equity, hard-capped contractually at 15%. At Anthropic’s current $965 billion valuation, that stake is worth roughly $135 billion. At a $1 trillion dollar IPO that could be worth $140 billion.
In April, Google committed up to $40 billion more to the AI lab—$10 billion immediately, with the remaining $30 billion contingent on milestones. Google’s stake is also a less complex position than Amazon’s, which is split between preferred stock and convertible notes with undisclosed conversion terms.
Microsoft and Nvidia, which committed $5 billion and $10 billion, respectively, in late 2025, are also set to benefit.