Anthropic’s potential IPO could generate substantial returns for venture investors, but its biggest beneficiaries may also be the technology companies supplying its computing infrastructure. Amazon and Google have invested billions in the AI developer while securing major cloud contracts with it.
A Different Ownership Structure
Venture firms including Menlo Ventures, Sequoia, Sound Ventures and Spark Capital are expected to benefit from an IPO, according to TechCrunch.
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However, none appears in the principal stockholders’ table in Anthropic’s S-1 registration statement, which identifies shareholders holding at least 5%. Anthropic’s reported private valuation of $965 billion helps explain why even smaller stakes could be worth billions. Menlo Ventures, for example, reportedly holds about $14 billion in shares, equivalent to roughly 1.5% of the company.
Amazon’s Convertible Notes Could Become Shares
Amazon began backing Anthropic in 2023, committing up to $4 billion. It subsequently invested billions more, including through convertible notes that can turn into equity following an IPO or sale.
Anthropic’s S-1 shows that Amazon held $6.2 billion in outstanding note principal as of June 30, accounting for the company’s entire debt load. Amazon valued its note holdings at $97.9 billion in its own filings.
The notes could convert into as many as 1.84 billion shares, subject to a contractual cap limiting Amazon to 12% of Anthropic’s partially diluted share count. Amazon can waive that cap, while notes that do not convert under the limit would remain outstanding.
The rising estimated value of these obligations has also affected Anthropic’s reported results. Changes in the fair value of convertible notes, derivative liabilities and simple agreements for future equity (SAFEs) amounted to $72.4 billion in the first half of 2026. This was a non-cash accounting charge, not a cash payment.
Cloud Contracts Add To Amazon’s Returns
Amazon’s exposure extends beyond convertible notes. In the second quarter, it invested another $10 billion in nonvoting preferred stock across Anthropic’s two latest funding rounds. Combined with $8 billion invested through notes between 2023 and 2025, Amazon’s total investment reached approximately $18 billion.
Anthropic has also committed to spend at least $110 billion on Amazon Web Services over the next decade, giving Amazon a substantial commercial stake in the AI company’s growth.
Google has a similar combination of equity and cloud exposure. Court filings reported by The New York Times indicated that Google owned around 14% of Anthropic in early 2025. After further funding rounds, its stake is likely to have been diluted. PitchBook analyst Harrison Rolfes estimated Google’s current ownership at approximately 5.6%.
Google invested another $10 billion in April and has secured at least $114 billion in cloud commitments from Anthropic through 2033.
Investors And Competitors At The Same Time
A successful IPO could deliver significant gains for Anthropic’s venture backers. Amazon and Google, however, stand to benefit in two ways: through their equity holdings and by selling the computing capacity needed to develop and run Anthropic’s AI models.
That dual role also creates a strategic tension. Anthropic’s filing notes that some of its cloud providers are developing competing AI models, meaning their commercial interests may not always align. As a result, the companies supporting Anthropic’s growth are also potential rivals in the AI market.
