Anthropic is preparing for an IPO at an estimated $965 billion valuation, and its filings describe an unusual overlap: Amazon and Google are investors and cloud providers while developing competing AI models.
Anthropic has committed to at least $110 billion in AWS purchases over 10 years; Google has cloud agreements worth at least $114 billion through 2033.
The story offers a case study in how AI model competition intersects with cloud infrastructure and long-term commercial commitments.
Anthropic's investors
Traditional investment firms that backed Anthropic from its early days, such as Menlo Ventures and Sequoia, now hold stakes of less than 5%. Despite their seemingly small stakes, Anthropic’s impressive rise in value makes these investments particularly significant.
The Amazon and Google strategy
Amazon has invested a total of about $18 billion in Anthropic, following a complex strategy. This includes $10 billion in non-voting preferred stock, as well as convertible debt. Amazon itself estimated the value of these debt securities at $97,9 billion, based on data as of June 30, 2026.
The relationship between the companies extends beyond shares. Anthropic has committed to buying at least $110 billion in computing infrastructure services from Amazon (AWS) over the next 10 years. Google, which owns about 5,6% of Anthropic, has secured deals for computing infrastructure services worth at least $114 billion through 2033.
The challenges of competition
Despite the close collaboration, Anthropic warns in its documents about a significant risk: the companies that provide the computing infrastructure (Amazon and Google) and have invested in Anthropic are simultaneously developing their own, competing artificial intelligence models.
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