About a month after SpaceX NASDAQ: SPCX held its highly anticipated and record-breaking IPO, investors hoping for a continuation of the AI-driven market rally are looking forward to the next big show of 2026: Anthropic, maker of the Claude family of AI models.
On June 1, Anthropic privately filed its Form S-1 with the US Securities and Exchange Commission (SEC), setting the stage for a possible IPO later this year. The decision was made following the company’s latest financing, which was completed in May and resulted in a total of 965 billion rands.
Because the SEC filing was confidential, potential IPO dates, official price information, and share information will not be publicly available until Anthropic issues its first prospectus, ahead of the company’s rumored September road show, ahead of the October launch.
However, some important statistics have been floating around:
But when Anthropic makes its public debut remains a topic of debate. And while prediction markets are by no means an exact science, they can provide some context. Kalshi is currently indicating the possibility of Anthropic announcing its IPO before Nov. 1 at 57%, while Polymarket shows a 76% chance of an IPO before the end of the year.
While the nonprofit’s shares are currently restricted to accredited investors, some funds—like the KraneShares Artificial Intelligence and Technology ETF NASDAQ: AGIX-provide investors with daily access. That exchange-traded fund (ETF) currently allocates 1.65% of its net assets to Anthropic. However, with an average total cost of 1%, the cost of owning AGIX is very high.
Investors looking to get ahead of the next mega-cap AI IPO may want to look at the two Magnificent Seven stocks that currently hold large private equity stakes in Anthropic—excluding management fees.
Amazon: $13 Billion Invested in Anthropic, $20 Billion More Reserved
Amazon.com Today
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- $196.00
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$278.56
- The P/E ratio
- 28.94
- Target Value
- $312.79
Amazon NASDAQ: AMZN has already invested 13 billion in Anthropic, and its stake in the company is estimated to be between 15% and 21%.
The e-commerce and cloud computing giant has also made tens of billions in additional investments, which will begin on a conditional basis—up to $20 billion more if certain commercial milestones are met.
Amazon’s investment began with a $4 billion commitment early in 2023 to 2024, with another $4 billion coming in Nov. 2024 when Anthropic named AWS its primary training partner and deployment platform.
According to Amazon’s statement, Anthropic “will use AWS Trainium and Inferentia chips to train and deploy its future infrastructure models. Both companies will continue to work closely to improve Trainium’s hardware and software capabilities.”
In April, Amazon deepened the partnership by investing $5 billion in Anthropic and pledging to invest an additional $20 billion. While that CapEx range is exactly what has unsettled investors and caused the Magnificent Seven stock’s exit over the past year, the AWS story should serve as a long-term catalyst for AMZN shareholders.
As part of the expanded agreement in April, Anthropic committed to spending more than 100 billion over the next decade on AWS cloud infrastructure, making the Amazon cloud an important factor in the development of the Claude family models.
According to Amazon’s Q1 2026 earnings report, AWS sales—which currently account for 21% of the company’s total sales—are growing rapidly. AWS revenue grew 28% year-over-year (YOY), marking its fastest pace in 15 quarters, with an annual run rate of $150 billion. Ultimately, that should serve as a reason for higher CapEx, which in Q1 reached $43.2 billion with a focus on expanding AWS.
Alphabet: Secret AI Upside Meets Google Cloud Demand
The Alphabet Today
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- $172.77
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$408.61
- Dividend Yield
- 0.24%
- The P/E ratio
- 27.60
- Target Value
- $413.54
Alphabets NASDAQ: GOOGL owns an estimated 14% to 15% stake in Anthropic—worth about $135 billion based on the latest valuation—with total liabilities exceeding $13 billion.
But the alphabet’s Anthropic angle is different from that of the Amazon. While Amazon’s investment is largely related to the use of AWS infrastructure, Alphabet offers investors a mix of private AI exposure, Google Cloud demand, and custom chip usage with its Tensor processing units (TPUs).
Alphabet’s reported total exposure to Anthropic could exceed $43 billion when Google’s prior investment is combined with its April commitment of up to $40 billion in cash and counting. That new commitment reportedly includes $10 billion and up to $30 million tied to the Anthropic summit’s operational goals.
Alphabet’s private market portfolio also gives investors another reason to pay attention. In Q1, the company reported $62.6 billion in net income, up 81% YOY, helped by $37.7 billion in other income primarily related to unrealized gains on untraded equity securities. Although Alphabet did not disclose Anthropic’s contribution directly, the result shows how private AI investment can affect the main profits when the rates rise.
That’s important because Alphabet Anthropic’s exposure sits within a broader investment vehicle. CapitalG says it manages $7 billion in assets and has produced 16 IPOs and 11 M&A exits, while GV says it has backed more than 50 companies building next-generation AI-native applications. For investors, that gives Alphabet more than one way to capitalize on the private AI market: direct demand for the cloud, custom chip usage, and potential valuation gains from its private equity holdings.
But the April extension of the agreement between the two companies is also a revenue driver. Anthropic has committed to deploy five gigawatts of next-generation TPU capacity with Google and Broadcom, which is expected to be online by 2027. The icing on the cake, while much of the AI industry is under siege by NVIDIA. NASDAQ: NVDAAnthropic uses Alphabet’s Tensor Processing Units, or TPUs, with existing warranties of up to 1 million TPU chips.
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