Anthropic IPO values Amazon, Google stakes up to $411B

Amazon Amazon.com, Inc. ↗ 1.53% and Google's stakes in Anthropic could be worth a combined $411 billion if the AI developer prices its initial public offering at the top of its range, according to Reuters calculations based on a filing. The two companies have invested in Anthropic and also sold it the computing power it uses to build its models. The numbers show how much their early bets have grown, and why the listing now matters to their own shareholders.reuters.com

The price range

In an updated filing on Tuesday, Anthropic said it would offer 825 million Class A shares at $70 to $78 each. The sale would raise up to $64.35 billion, TechCrunch reported. Fortune reported that the range values the company at up to $1.4 trillion on a fully diluted basis, well short of the $2 trillion some outlets had floated weeks earlier. Based on shares outstanding after the offering, the implied value is about $916 billion to $1.02 trillion, Yahoo Finance calculated. The company is expected to price the deal on November 18 and start trading on the Nasdaq ↗ 0.88% under the ticker "ANT" on November 19.techcrunch.com+2

At $78 a share, Amazon's position is worth about $271.8 billion, against $18 billion it invested through loans and share purchases. Google's stake would be worth about $139 billion after $33.3 billion in loans, share purchases and a private placement, Reuters found. Seven companies that supply Anthropic's computing power, including Google, Nvidia ↘ 6.37%, AMD Advanced Micro Devices, Inc. ↗ 0.78%, Broadcom ↗ 3.50%, Micron ↘ 3.08%, Microsoft ↘ 1.81% and TSMC Taiwan Semiconductor Manufacturing Company Limited ↗ 1.29%, agreed to buy $26 billion of non-voting stock at the IPO price, CNBC reported. Google and Nvidia are each putting in $10 billion.sanluisobispo.com+1

A "linchpin" for big tech

On CNBC's Squawk Pod last Friday, Andrew Ross Sorkin called the offering "sort of the linchpin," because "baked into the cake of the valuations of Amazon, of Google, of Microsoft, all of them have stakes in Anthropic," as quoted by Yahoo Finance. Amazon has the most riding on the outcome. Its latest quarterly filing carried the Anthropic position at about $239 billion as of September 30, and gains on the stake added $62.8 billion of pre-tax income in the first half of 2026. That was more than the company's operating income for the same six months.finance.yahoo.com

Amazon shares rose in morning trading after the range was published, Yahoo Finance reported.finance.yahoo.com

Risks before the debut

The offering comes during a sell-off in AI stocks. HSBC's ↘ 0.16% Max Kettner warned on Bloomberg Surveillance that if Anthropic pushes the price too high, the worst case is that "the stock dumps 20, 30 percent on day one," according to Yahoo Finance. Sorkin linked the outcome to OpenAI as well, saying that if the IPO doesn't go through at the expected valuation, "the valuation of OpenAI is not the same all of a sudden."finance.yahoo.com