Alphabet could strengthen its position among Anthropic's largest shareholders through the artificial intelligence company's proposed initial public offering (IPO), while Amazon remains one of its biggest financial backers and strategic partners.
The relationships, detailed in Anthropic's registration statement filed with the US Securities and Exchange Commission (SEC), highlight how major technology companies are simultaneously funding AI developers, supplying their computing infrastructure and competing in the market for advanced AI models.
Under an agreement reached in March, Google's parent company Alphabet has the option to purchase up to $10 billion worth of Anthropic's Class N common stock in a private placement conducted alongside the IPO. The shares would be priced at the same level as the public offering.
If Alphabet exercises the option, the amount of convertible notes available for issuance to the company would decline by up to $10 billion from the existing $20 billion provision.
The filing does not confirm whether Alphabet will exercise the option, but the arrangement gives it a route to expand its equity exposure as Anthropic enters public markets.
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Amazon has already invested $13 billion in Anthropic since 2023 and retains the option to invest another $20 billion, according to the filing. It has also agreed to provide up to $15 billion in financing, released in $5 billion tranches linked to Anthropic meeting specified computing-capacity milestones.
Amazon holds $6.2 billion in outstanding convertible notes, while its ownership stake is capped at 12%. Its shares carry no voting rights, and Amazon has neither a board seat nor an observer position at the AI company.
The financial ties extend beyond investment. Anthropic has committed to spend at least $110 billion with Amazon on cloud services through April 2036, regardless of actual usage. The agreement is non-cancellable except in the event of a material breach by Amazon.
If Anthropic's spending falls short of the committed amount, it must pay the difference under a contractual true-up provision. Amazon has also built substantial infrastructure around the partnership, including its Rainier AI data centre campus, dedicated to training and running Anthropic's models.
These commitments reflect the capital-intensive economics of developing and deploying frontier AI systems. Anthropic relies on major cloud providers for computing capacity and customer distribution, while Amazon, Google and Microsoft operate their own AI services and develop competing models.
Anthropic disclosed that 48% of its revenue in the first half of 2026 came through relationships with Amazon Web Services, Google Cloud and Microsoft Azure.
Also Read | Anthropic Revenue Jumps To $16.8 Billion In Quarter Before IPO
Anthropic's proposed listing comes amid rapid business expansion and substantial financial obligations. The company reported $16.29 billion in revenue for the first half of 2026, up from $1.16 billion a year earlier, while also reporting a net loss of $80.7 billion, largely driven by accounting charges linked to changes in the value of convertible notes.
For Alphabet and Amazon, the IPO could reshape the value and visibility of their investments in a leading AI developer. But their positions also underline a central tension in the sector: the companies financing AI's growth are often also its infrastructure providers and competitors.
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