Anthropic, one of the fastest-growing AI companies, could become the biggest IPO in history at a targeted $2 trillion valuation, above SpaceX's $1.77 trillion debut. Alphabet is estimated to own about 14%, starting with a 10% stake for about $300 million in late 2022 and early 2023, then investing $500 million more and agreeing to invest $1.5 billion additional. According to Anthropic's S-1, Alphabet has an exclusive option to buy up to $10 billion in additional shares at the IPO price and $20 billion in unused investment capacity. At $2 trillion, Alphabet's stake would be worth $280 billion, and the article suggests Alphabet will likely remain the second-largest shareholder behind Amazon, which holds 15%-20%. Anthropic's post-money valuation of $965 billion is already reflected in Alphabet's net income, and that value would more than double at a $2 trillion IPO.
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| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/26/2026 | 316.89 |
| Change that session | -1.04% |
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