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Anthropic, one of the world's fastest-growing AI companies, could eclipse SpaceX (SPCX +2.20%) as the biggest IPO in history when it goes public this year. It's reportedly targeting a $2 trillion valuation, which would top SpaceX's $1.77 trillion debut.
A major beneficiary of that massive IPO will be Alphabet (GOOG +1.02%) (GOOGL +1.27%), which already owns an estimated 14% stake in Anthropic. Let's see why that stake could grow even larger after its public debut.
Image source: Getty Images.
Alphabet began investing in Anthropic in late 2022 and early 2023, acquiring a 10% equity stake in the company for about $300 million. That deal established Alphabet's Google Cloud as one of Anthropic's primary cloud infrastructure providers for training and deploying AI models.
In late 2023, Alphabet invested another $500 million in Anthropic and agreed to invest an additional $1.5 billion over time. This year, it expanded that partnership with multi-billion-dollar direct equity injections and additional infrastructure deals for using its custom Tensor TPUs.
NASDAQ · As of 1:24 PM ET 10/27/26
At $2 trillion, Alphabet's stake in Anthropic would be worth $280 billion. According to Anthropic's S-1 filing, Alphabet retains an exclusive option to purchase up to $10 billion in additional shares directly at its offering price alongside its IPO.
Alphabet has also set aside $20 billion in unused investment capacity and deferred milestone funding obligations for Anthropic. If Anthropic thrives after its market debut, Alphabet will likely inject more of that capital into the company and gradually increase its equity stake.
Alphabet's post-IPO investments should increase its stake in Anthropic, but it will likely remain the company's second-largest shareholder after Amazon (AMZN +1.66%). Amazon holds a 15%-20% stake in Anthropic, and Amazon Web Services (AWS) is another one of Anthropic's primary cloud infrastructure providers for training and deploying AI models.
By investing in Anthropic, Alphabet can keep pace with Amazon in the cloud infrastructure race. It also ensures that Anthropic's Claude — a major competitor to Google's Gemini — remains partly dependent on Google's cloud infrastructure and TPUs for the foreseeable future.
Anthropic's pre-IPO valuation is already baked into Alphabet's net income (at its last post-money valuation of $965 billion), but that value would more than double with a $2 trillion IPO. Therefore, Anthropic's IPO could generate strong near-term tailwinds for Alphabet, Amazon, and other companies that hold early stakes in the growing AI company.
Leo Sun has positions in Amazon. The Motley Fool has positions in and recommends Alphabet and Amazon. The Motley Fool has a disclosure policy.
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The tech giant is already the AI darling's second-largest shareholder.
