Anthropic, the artificial intelligence company behind the Claude models, has confidentially filed for an initial public offering, according to a report citing the June 1 filing. The move comes after a massive private funding round that valued the business at $965 billion, thrusting investors back to the question of who stands to gain most from the eventual market debut.
While retail investors cannot buy shares yet, the stakes held by two major tech incumbents—Amazon and Alphabet—have become the focal point for market watchers assessing how much exposure each company has to Anthropic’s value.
Key takeaways
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Anthropic filed confidentially for an IPO on June 1, following a funding round that valued the company at $965 billion.
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The private valuation and reported revenue trajectory are driving expectations around a potential public listing as early as this fall.
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Alphabet holds about 14% of Anthropic in straight equity, capped at 15%, while Amazon’s stake is estimated at mid-to-high teens based on its convertible notes and preferred holdings.
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Investor implication: Amazon’s larger relative exposure could translate into bigger paper gains per dollar invested if Anthropic’s public-market pricing comes in high.
What set the IPO filing in motion
Reporting indicates Anthropic’s confidential IPO filing on June 1 is the latest step toward a long-anticipated public offering. The filing reportedly follows a funding round that raised $65 billion and set the company’s valuation at $965 billion.
Revenue figures cited in the report suggest Anthropic’s sales momentum is intensifying. It notes Anthropic’s reported annualized revenue run rate was about $4 billion as recently as last July, and that expectations point to $10.9 billion of revenue in the second quarter alone. If those projections hold, the IPO would arrive after rapid scaling that few AI startups have matched at comparable stages.
Amazon’s stake: larger exposure, but partly in instruments
Amazon’s Anthropic exposure has been a major driver of market interest, but the company’s ownership share has not been disclosed publicly. According to the report, Amazon invested $8 billion in Anthropic convertible notes from Q3 2023 to Q4 2025, with parts later converted into nonvoting preferred stock.
Because Amazon does not disclose a precise ownership percentage, the article points to estimates derived from filings that place Amazon’s stake in the mid-to-high teens. It estimates that stake could be worth roughly $135 billion to $160 billion at Anthropic’s current valuation. The report also notes that Amazon committed to invest up to an additional $20 billion.
The article adds that Amazon has already recognized earnings related to the remeasurement of its Anthropic investments. It says Amazon recognized $16.8 billion of pre-tax gains in the first quarter from Anthropic-related holdings included in non-operating income—more than 40% of Amazon’s pre-tax income for the period.
From a portfolio-weight perspective, the reported valuation implies the position is substantial relative to Amazon’s market value. The article estimates Amazon’s stake at about 6% of Amazon’s market capitalization at an assumed valuation of roughly $2.6 trillion for the parent, and suggests a higher IPO price would increase the potential upside embedded in the position.
Alphabet’s stake: capped equity, with competitive overlap
Alphabet’s exposure is described as more clearly defined in court documents. The report says Alphabet holds roughly 14% of Anthropic through straight equity and that the stake is contractually capped at 15%.
Using the last private valuation referenced in the article, it estimates Alphabet’s capped stake is worth about $135 billion. It also reports Alphabet committed up to $40 billion more—$10 billion immediately and the rest tied to milestones.
On the financial reporting side, the article notes Alphabet’s first-quarter results included about $28.7 billion in net income from equity securities gains, nearly half of a record $62.6 billion quarterly profit.
However, the stakes land differently at Alphabet than at Amazon, the report argues. It estimates that $135 billion corresponds to about 3% of Alphabet’s market value, given an assumed parent market capitalization near $4.4 trillion.
There is also an additional strategic complication: Alphabet competes directly with Anthropic by selling its Gemini models, which compete with Claude. That means Alphabet’s upside from Anthropic’s value creation comes alongside potential competitive pressure in the AI model marketplace.
Market reaction and investor implications as the IPO approaches
A public listing changes two key dynamics for both holders. First, it forces a market price onto stakes that are currently reflected through private-transaction economics and accounting estimates. Second, an IPO creates a pathway—subject to deal terms, lockups, and conversion mechanics—for paper gains to eventually become realizable cash.
According to the report, Amazon’s estimated stake size relative to its own company scale gives it more leverage per dollar invested in Anthropic exposure than Alphabet. The article frames this as a potential reason to view Amazon as the “better claim” if the IPO’s pricing proves materially higher than private valuations.
Still, the report cautions that these are largely paper values tied to instruments with different economics than common stock. Convertible notes, capped equity arrangements, and other contract terms can shape the timing and magnitude of what eventually flows to shareholders.
Bigger picture: what to watch next
With Anthropic’s confidential filing now in view, investors will likely focus on how the company’s IPO terms align with private-market pricing and whether reported growth expectations can be validated through updated guidance and disclosure once the process moves forward. Key items to monitor include the timing of the IPO, the valuation the market ultimately assigns, and the specific conversion or payout mechanics embedded in existing instruments held by Amazon and Alphabet—factors that could determine how much of the private valuation translates into public-market gains.
