Amazon and Google could be among the biggest winners when artificial intelligence company Anthropic goes public. Both tech giants have invested billions in the AI firm and have secured major cloud computing deals with it.
Venture capital firms also expect large returns from the planned initial public offering, or IPO. Investors such as Menlo Ventures, Sequoia, Sound Ventures and Spark Capital could make billions from their stakes.
However, Anthropic’s latest registration filing shows that none of these venture capital firms owns 5% of the company. That is the level required for inclusion in the filing’s main list of large shareholders.
This is unusual for a major technology IPO. Early investors often hold large stakes in the companies they help build. But Anthropic’s huge private valuation has changed the picture.
At a reported valuation of $965 billion, even a 1% stake is worth nearly $10 billion. Menlo Ventures, for example, is reported to hold a position worth about $14 billion. That represents only around 1.5% of Anthropic.
The figures show how the company’s rapid growth has created a new kind of investment story. While venture firms may earn large profits, major technology companies could gain even more from their early support.
Amazon’s investment could bring huge returns
Amazon is expected to be one of the main financial winners from Anthropic’s IPO. The online retail and cloud computing giant first backed the AI company in 2023, pledging to invest up to $4 billion.
It has since committed billions more. Much of the funding was structured through convertible notes rather than direct share purchases. These notes are a form of debt that can turn into company shares after an IPO or sale.
Anthropic’s registration filing shows that Amazon held convertible notes with $6.2 billion in principal outstanding as of June 30, 2026. This amount accounted for all of Anthropic’s reported debt.
As Anthropic’s valuation rose through later funding rounds, the value of the shares tied to those notes also increased. Amazon valued its note holdings at $97.9 billion in its own filing for the same date.
That increase has created a major accounting effect for Anthropic. The company reported $72.4 billion in changes in the fair value of convertible notes, derivative liabilities and simple agreements for future equity during the first half of 2026.
The charge did not mean Anthropic paid out that amount in cash. Instead, it reflected changes in the estimated value of its financial obligations as the company’s valuation grew.
Amazon’s notes could convert into as many as 1.84 billion shares. However, a cap limits its ownership to 12% of Anthropic’s partially diluted share count. This measure includes some shares that have not yet been issued, such as stock options.
Amazon can waive the cap. Any notes that cannot convert because of the limit will remain outstanding and may convert in later quarters, subject to the same restriction.
Amazon has also bought preferred stock
The convertible notes are only one part of Amazon’s investment. The company also invested $10 billion in nonvoting preferred stock during the second quarter of 2026.
Amazon made two $5 billion investments across Anthropic’s last two funding rounds. Combined with the $8 billion it invested through notes from 2023 to 2025, its total investment reached about $18 billion.
The benefits go beyond the potential value of its shares. Anthropic has agreed to spend at least $110 billion on Amazon Web Services over the next 10 years.
That deal gives Amazon a major business opportunity even before the IPO. As Anthropic develops and sells more AI services, it will need computing power to train and run its models.
The cloud spending commitment could provide Amazon with a steady stream of revenue. It also strengthens the link between the two companies as demand for AI computing grows.
Google also stands to benefit
Google is another major investor with a strong position in Anthropic. Court filings showed that the search giant held about 14% of the AI company in early 2025.
Google has invested more since then, including $10 billion in April 2026. However, later funding rounds may have reduced its percentage ownership as Anthropic issued more shares.
PitchBook analyst Harrison Rolfes estimated that Google’s current stake may be closer to 5.6%.
Google also has a large cloud computing agreement with Anthropic. The AI company has committed to at least $114 billion in cloud spending through 2033.
Like Amazon, Google could benefit in two ways. Its investment may rise in value if Anthropic completes a successful IPO, while its cloud business may earn billions from the company’s ongoing computing needs.
Big tech firms face a complex relationship
Anthropic’s planned listing could bring major gains to its investors. Yet the filing also highlights a possible conflict at the heart of its business.
Amazon and Google provide essential computing services to Anthropic. At the same time, both companies are developing their own AI models that compete in the same market.
This means their interests may not always match. Anthropic needs access to powerful and reliable computing systems, while its cloud partners also want to grow their own AI businesses.
The company’s filing warns that these providers may not always share its goals. Their roles as investors, suppliers and competitors could become more complex as the AI market expands.
For venture capital firms, the IPO may still bring huge returns. But Amazon and Google have more than rising share values to gain. Their investments and cloud contracts could make them major beneficiaries of Anthropic’s growth for years to come.
