Google is investing $10 billion in Anthropic now, with another $30 billion potentially to follow if Anthropic hits certain performance targets, at a $350 billion valuation, says Bloomberg.
Four days earlier, Amazon announced a $5 billion investment into Anthropic, with up to $20 billion more tied to certain commercial milestones, building on the $8 billion Amazon had already invested, bringing its total commitment to $33 billion.
As part of its Amazon agreement, Anthropic committed to spending more than $100 billion on AWS technologies over the next ten years, securing up to 5 gigawatts of capacity for training and deploying Claude across Trainium2 through Trainium4 chips.
The Google deal similarly involves a significant expansion of computing capacity, extending an existing partnership that gave Anthropic access to up to one million of Google’s TPUs in October 2025, bringing more than one gigawatt of AI compute capacity online by 2026.
The Google and Amazon deals are both priced at $350 billion pre-money, below the $380 billion post-money established in February’s Series G. That gap reflects negotiating leverage.
The Series G itself attracted demand that nearly tripled the target from an initial $10 billion goal, further suggesting that the $380 billion figure understates where the market would price Anthropic in an open process. VCs have reportedly been offering capital at valuations of $800 billion or more.
An IPO would resolve the valuation ambiguity. Anthropic has retained Wilson Sonsini to advise on the process and appointed Chris Liddell to its board. The timeline remains undefined, but the commercial scale, the investor roster, and the infrastructure commitments now in place suggest the window is narrowing.