Anthropic confidentially filed its Form S-1 with the SEC in early June 2026, paving the way for an IPO in the coming months. The AI startup, valued at $965 billion during its latest fundraising, thus becomes the highest valued private laboratory in the sector. But the most advantageous positions on this IPO are not necessarily found in the order book.
In brief
- Anthropic is targeting a valuation of $965 billion when it goes public in 2026.
- Amazon (13 billion) and Alphabet (up to 40 billion) and Alphabet (up to 40 billion) and Alphabet (up to 40 billion) hold direct stakes in the laboratory.
- The two groups are simultaneously capturing growing cloud revenues linked to Anthropic's workloads.
Amazon and Alphabet already winners before Anthropic's IPO
Since 2023, Amazon has put $13 billion into Anthropic. It's not just a financial bet. Anthropic relies on AWS as its primary infrastructure for training and inference of its models. In other words, each dollar of growth at Anthropic automatically generates consumption of computing power at Amazon.
The integration of Claude models into Amazon Bedrock, AWS' managed platform for enterprise AI, further enhances this advantage. AWS surpassed $100 billion in annual revenue in 2024 and remains the world's number one cloud provider. Anthropic's growth therefore adds to an already very solid base, rather than building on it.
Amazon is also developing its own Trainium and Inferentia chips, designed to reduce hardware dependence on Nvidia. The success of Anthropic directly accelerates this project.
Alphabet bets up to 40 billion, and plays on several tables
Alphabet's commitment potentially reaches $40 billionconditional on the achievement by Anthropic of certain performance objectives. But the financial mechanics resemble those of Amazon. Anthropic uses Google Cloud TPUs for its training, and each capacity gain translates into additional revenue for Alphabet's cloud arm.
What sets Alphabet apart is its profit diversification. Its investment in Anthropic irrigates Google Search, YouTube, Google Cloud and Waymo at the same time. The company is also developing its own Gemini models in parallel, which guarantees it a competitive advantage whatever the outcome of the various AI battles. A successful Anthropic IPO would simply amplify the already numerous returns.
While Anthropic expands access to Claude Mythos to 150 organizations via Project Glasswing to identify critical software vulnerabilities before their exploitation, the laboratory's valuation is also based on the commercial promise of its most advanced models. An additional selling point for the IPO, but also a retention argument for its two major cloud partners.
Ultimately, Anthropic's IPO marks the entry of generative AI into public procurement. But retail investors hoping to buy shares on day one are exposing themselves to a valuation with no history of profitability and classic post-lockup volatility.
Amazon and Alphabet already receive recurring cloud revenues linked to Anthropic's growth, while holding direct stakes with potential capital gains on listing. Two levels of earnings for the price of a single investment. The momentum of artificial intelligence serves them well, and it shouldn't stop at the opening bell.
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