The Anthropic IPO Is Coming. You May Already Own a Piece of the Stock

Artificial intelligence startup Anthropic is preparing for an initial public offering expected to value the company at approximately $2 trillion, potentially raising $100 billion. Investors holding shares in major hyperscalers Amazon and Alphabet already hold indirect exposure to the AI firm, as both tech giants have accumulated substantial equity stakes through strategic partnerships and cloud funding agreements. Analysts estimate Amazon owns a 15% to 20% stake, while Alphabet holds approximately 10% to 15%. Beyond equity appreciation, both Amazon and Alphabet benefit fundamentally from Anthropic's massive compute requirements. In recent quarterly results, Amazon Web Services generated $42.2 billion in revenue with a 39% operating margin, while Google Cloud posted $24.8 billion in revenue with a 35% margin. Anthropic's annualized revenue is projected to surge from $9 billion at the end of 2025 to $100 billion by October 2026. However, ongoing heavy cash burn to train and serve frontier models remains a primary risk factor for long-term profitability post-IPO.