Amazon and Google are positioned to become major financial beneficiaries of Anthropic‘s planned initial public offering, with substantial investments in the AI company alongside multibillion-dollar cloud computing agreements. Anthropic’s regulatory filing shows that strategic technology partners could benefit from both the value of their holdings and continued revenue from the company’s computing requirements.
According to Anthropic’s S-1 filing, traditional venture capital investors, including Menlo Ventures, Sequoia, Sound Ventures and Spark Capital, each hold less than 5% of the company. Despite their relatively small ownership percentages, their investments could generate returns worth billions of dollars following the IPO.
Amazon’s Anthropic Investments Reach $18 Billion
Amazon began investing in Anthropic in 2023, initially committing up to $4 billion to the AI developer. Its total investment has since increased to approximately $18 billion, comprising $8 billion in convertible notes and another $10 billion in nonvoting preferred shares acquired through recent funding rounds.
Anthropic’s filing shows that Amazon held convertible notes with $6.2 billion in outstanding principal as of June 30, 2026, representing the AI company’s entire reported debt balance. According to Amazon’s financial disclosure, those holdings had reached a fair value of $97.9 billion by the same date.
The convertible notes could become as many as 1.84 billion Anthropic shares, although a provision generally limits Amazon’s ownership to 12% of the company’s partially diluted share count. Amazon can waive that restriction, while notes that cannot immediately convert may remain outstanding for conversion in subsequent quarters.
Anthropic also recorded a $72.4 billion noncash expense during the first half of 2026, reflecting changes in the fair value of convertible notes and related financial instruments. Separately, the company has committed to spending at least $110 billion on Amazon Web Services over the next decade.
Google Holds Major Stake and Secures Cloud Revenue
Google is another major investor in Anthropic, having held approximately 14% of the company in early 2025, according to previously disclosed court records. Following subsequent funding rounds, PitchBook analyst Harrison Rolfes estimated Google’s ownership had declined to approximately 8%.
Google also invested another $10 billion in Anthropic in 2026 and has secured at least $114 billion in cloud computing commitments extending through 2033. These agreements give Google a continuing commercial relationship with Anthropic alongside its financial investment in the AI developer.
Venture Capital Firms Hold Smaller Ownership Stakes
Anthropic’s reported $965 billion private valuation means that even relatively small ownership percentages represent substantial financial positions. Menlo Ventures, for example, reportedly holds approximately $14 billion in Anthropic shares, equivalent to around 1.5% of the company.
The company’s S-1 does not list Menlo Ventures, Sequoia, Sound Ventures or Spark Capital among investors holding at least 5% of its shares. This differs from many technology IPOs, where leading venture capital investors often retain double-digit ownership percentages.
Anthropic’s filing also warns that its cloud infrastructure partners develop competing AI models, creating potential conflicts between their commercial interests and Anthropic’s business objectives. Amazon and Google are therefore positioned as both investors and computing infrastructure providers to Anthropic as it prepares to enter public markets.
Featured image credits: Wikimedia Commons
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