Amazon and Google have billions riding on Anthropic. The IPO will finally reveal how much.

Anthropic, most recently valued at $965 billion, has confidentially filed for an IPO—gearing up for what could be one of the largest public offerings in history.Details on the share count and price range won’t be officially disclosed until the S-1 registration statement is released to the public. Still, the company is widely expected to target a $1 trillion, or higher, valuation, a figure that could make hundreds of Anthropic employees millionaires and deliver a huge payday for some of its early investors.When the hotly anticipated IPO does arrive, Anthropic’s early investors are set to win big—especially Amazon and Google.In addition to Amazon, Anthropic’s backers include Google, Microsoft, Nvidia, and a roster of top venture firms including Spark Capital, Menlo Ventures, Lightspeed, General Catalyst, and Sequoia, as well as sovereign wealth funds from Singapore, Qatar, and Abu Dhabi. The AI labs’ worth has risen from $61.5 billion in March 2025 to $965 billion in just over a year. Over that period, the company has recently seen its customer base explode in part due to the popularity of its Claude Code product as well as the widespread adoption of its general-use Claude chatbot. Anthropic has also become a favorite among enterprise customers, in part due to its focus on AI safety. Amazon’s history of investing in Anthropic Amazon first began investing in the AI startup in 2023, putting in around $8 billion across a series of installments. Since then, this stake has grown to be worth roughly $74 billion on paper, according to a company filing from April. That’s split between $42.2 billion in Anthropic convertible notes and $32 billion in nonvoting preferred stock. That combined $74.2 billion on paper was marked against Anthropic’s $380 billion Series G valuation in February 2026—the AI lab’s valuation has since hit $965 billion. And Amazon has continued to deploy capital; a further $5 billion was invested after the quarter closed,