Amazon and Google bought roughly a quarter of what Anthropic sold in 2025, about 12% each, and they also sit among its biggest shareholders. That overlap runs through Anthropic’s S-1 registration statement, the document the Claude maker filed for its planned public offering, as Crypto Briefing reported on Sept. 29, 2026.
Growth and losses
Revenue rose to approximately $4.6 billion in 2025 from roughly $400 million in 2024, a twelve-fold jump. The annualized run-rate reached $47 billion by May 2026 and passed $65 billion by July. The costs kept pace. Anthropic posted an operating loss exceeding $8 billion for 2025 and a net loss of nearly $42 billion, which the company says is mostly non-cash.
Underwriters on the offering are Goldman Sachs, JPMorgan and Morgan Stanley. The draft S-1 was first filed confidentially on June 1, 2026. Anthropic’s last private valuation was $965 billion, set by a $65 billion Series H round in May, and Crypto Briefing said the company was reportedly eyeing a public debut above $2 trillion.
Amazon’s stake
Amazon first backed Anthropic in 2023 with a commitment of up to $4 billion. Digital Market Reports, which went through the filing, says the total now stands near $18 billion: $8 billion in convertible notes and $10 billion in nonvoting preferred shares bought in recent rounds. As of June 30, 2026, Amazon held notes with $6.2 billion in outstanding principal, which is Anthropic’s entire reported debt. Amazon’s own disclosures put their fair value at $97.9 billion.
Those notes could turn into as many as 1.84 billion Anthropic shares, though a provision generally caps Amazon at 12% of the partially diluted share count. Amazon can waive the cap. Anthropic booked a $72.4 billion noncash expense in the first half of 2026 tied to changes in the value of the notes and related instruments. Crypto Briefing put Amazon’s holding at about 21%.
Anthropic has also promised to spend at least $110 billion on Amazon Web Services over the next decade.
Google and the venture funds
Google held about 14% in early 2025, according to earlier court records, and PitchBook analyst Harrison Rolfes estimated that its share had slipped to approximately 8% after later rounds. Crypto Briefing gave roughly 15%. The estimates differ, and the S-1 should settle it. Google put in another $10 billion in 2026 and has cloud commitments of at least $114 billion that run through 2033.
Total future cloud and compute commitments disclosed in the filing reportedly reach approximately $518 billion.
Traditional venture investors look small by comparison. Menlo Ventures, Sequoia, Sound Ventures and Spark Capital each hold less than 5%, and none appears among holders of at least 5%. Menlo, for one, reportedly holds around $14 billion in shares, about 1.5% of the company.
The filing carries a warning that cloud partners develop competing AI models of their own, which could put their commercial interests at odds with Anthropic’s.
Sources
- Amazon and Google Stand to Gain Billions From Anthropic IPO
- Anthropic's IPO filing reveals Amazon and Google account for a quarter of its revenue
