Anthropic is preparing an IPO later this month, with Wall Street expecting a valuation of $1.5 trillion to $2 trillion; at the top end, it would surpass SpaceX as the most valuable stock market IPO in history. Amazon and Google, two of its largest backers, are set to hold more than 5% of Anthropic's stock at listing, according to its amended S-1; Amazon has invested $18 billion, and those investments were worth $92.5 billion in nonvoting preferred stock as of Sept. 30. Google plans to invest upwards of $40 billion if certain performance obligations are met, on top of roughly $3 billion in earlier investments. Both are also major compute suppliers: The Information reported a $200 billion agreement for Anthropic to use Google's TPUs over five years, and Anthropic has agreed to spend over $100 billion on AWS over 10 years, feeding concerns about circular investing. The investments carry risk if Anthropic falls short of expectations, and both Amazon and Google compete with Anthropic in AI.
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Related tickers and likely impact
AMZN
▲ Likely positiveAmazon
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.6T |
| Close on 11/04/2026 | 266.14 |
| Change that session | +6.16% |
GOOGL
▲ Likely positiveAlphabet Inc. (Class A)
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $3.5T |
| Close on 11/04/2026 | 288.99 |
| Change that session | +3.20% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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