EL7.AI
StocksMedium•10 November 2026•
2 min read

Amazon and Google Stakes in Anthropic Could Be Worth $411 Billion at IPO

Key Facts

1The combined value of Amazon and Google’s stakes could reach $411 billion if the IPO is priced at the top of the range.
2Anthropic is seeking to raise up to $64.4 billion by selling 825 million shares at up to $78 each.
3Anthropic could be valued at $1.4 trillion on a fully diluted basis at the top of the range.
4Anthropic’s revenue exceeded $16 billion in the first half of 2026, 14 times the level in the same period a year earlier.

The combined value of Amazon and Google’s stakes in Anthropic could reach $411 billion if the IPO is priced at the top of the proposed range, according to Reuters calculations based on the offering filing. That figure puts the two companies’ stakes at the center of one of the largest anticipated IPOs, as Anthropic seeks to enter public markets during November. The company has filed to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT, with an expected share price of $70 to $78, according to Anthropic’s announcement that it had begun the IPO roadshow. The potential value of the investors’ stakes remains tied to the final offering price, as Reuters’ estimate assumes the shares reach the top of the range. The offering comes as Amazon and Google play dual roles with Anthropic: they are investors and providers of the computing capacity needed to develop AI models.

Anthropic is aiming to raise up to $64.4 billion by selling 825 million shares at $78 each, Reuters reported, citing the offering filing. Alongside the IPO, the company plans to raise $26 billion through a separate private placement to core investors, including Google, Nvidia and AMD. The Associated Press estimated that a sale at the midpoint of the price range would allow the company to raise more than $61 billion, showing the scale of the proceeds even without reaching the top price. Combining the IPO and private placement gives the company multiple funding channels ahead of its expected listing. But proceeds from the public offering will vary depending on the price set for the IPO, while the private placement remains a separate transaction from the sale of shares to the public.

At $78 a share, Anthropic could be valued at about $1.4 trillion on a fully diluted basis, compared with about $1 trillion on an undiluted basis, according to Reuters’ estimate. The difference reflects the effect of securities included in the fully diluted valuation but excluded from the undiluted figure. In this context, analyst Ipek Ozkardeskaya said what is underway is

a re-rating of Anthropic’s value in a more challenging environment for AI.

She added that investors’ focus is shifting to the cost of achieving growth, Reuters reported. This view puts lofty valuations to the test of companies’ ability to fund expansion and turn growth into profits.

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