Why Amazon and Alphabet Could Profit the Most from Anthropic IPO

Anthropic confidentially filed its S-1 form with the SEC in early June 2026, paving the way for a stock market listing in the coming months. The AI startup, valued at 965 billion dollars during its last fundraising, thus becomes the highest valued private lab in the sector. But the most advantageous positions in this IPO are not necessarily found in the order book.

Amazon and Alphabet Already Winners Before Anthropic’s IPO

Since 2023, Amazon has invested 13 billion dollars in Anthropic. It is not just a financial bet. Anthropic relies on AWS as the main infrastructure for training and inference of its models. In other words, every dollar of Anthropic’s growth mechanically generates computing power consumption at Amazon.

The integration of the Claude models into Amazon Bedrock, AWS’s managed platform for enterprise AI, further strengthens this advantage. AWS exceeded 100 billion dollars in annual revenue in 2024 and remains the global number one in cloud. Anthropic’s growth therefore adds to an already very solid base, rather than building it from scratch.

Amazon is also developing its own Trainium and Inferentia chips, designed to reduce hardware dependency on Nvidia. Anthropic’s success directly accelerates this effort.

Alphabet Bets Up to $40 Billion and Plays Multiple Angles

Alphabet’s commitment potentially reaches 40 billion dollars, conditioned on Anthropic delivering certain performance targets. But the financial mechanism resembles that of Amazon. Anthropic uses Google Cloud TPU for its training, and every capacity gain translates into additional revenue for Alphabet’s cloud branch.

What differentiates Alphabet is the diversification of its profits. Its investment in Anthropic feeds Google Search, YouTube, Google Cloud, and Waymo at the same time. The company is also developing its own Gemini models in parallel, which ensures a competitive advantage regardless of the outcome of different AI battles. A successful Anthropic IPO would simply amplify already numerous returns.

While Anthropic expands access to Claude Mythos to 150 organizations via Project Glasswing to identify critical software vulnerabilities before exploitation, the lab’s valuation also rests 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 clearly marks generative AI’s entry into a public markets logic. But retail investors hoping to buy shares on day one expose themselves to a valuation with no profitability history and the classic volatility of post-lockup periods. 

Amazon and Alphabet, meanwhile, already collect recurring cloud revenues linked to Anthropic’s growth, while holding direct stakes with potential capital gains at listing. Two levels of gains for the price of a single investment. The momentum of artificial intelligence serves them well, and it shouldn’t stop at the opening bell.