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TradingKey - Anthropic's latest prospectus disclosed the company's major investors, equity structure, and concurrent private placement arrangements for the IPO. Amazon (AMZN) and Google parent Alphabet (GOOGL) are both key strategic investors in Anthropic.

Based on an assumed IPO price of $74 per share (the midpoint of the proposed price range of $70 to $78), the theoretical value of the Anthropic shares held by Amazon and Alphabet is approximately $142.1 billion and $132.4 billion, respectively.

In addition, Nvidia (NVDA), AMD (AMD), Broadcom (AVGO), Microsoft (MSFT), Micron (MU), and TSMC (TSM) will participate alongside Google in a concurrent private placement totaling $26 billion for the IPO.

Among them, Google and Nvidia will each subscribe for $10 billion, AMD for $2.5 billion, Broadcom, Microsoft, and Micron each for $1 billion, and TSMC for $500 million.

How Much of Anthropic Do Amazon and Google Own?

According to Anthropic's latest S-1/A prospectus filed on November 10, 2026, after accounting for the conversion of preferred stock and convertible notes, Amazon and Google hold approximately 1.921 billion and 1.654 billion Class N shares, respectively.

Based on an assumed IPO offering price of $74 per share, the value of the two companies' holdings is as follows:

The above valuations are calculated based on an assumed IPO offering price of $74 per share and do not represent actual investment returns or final post-IPO market capitalization. Google's share count following the concurrent subscription includes approximately 135 million shares to be newly subscribed.

The increase in Google's theoretical holding value from approximately $122.4 billion to $132.4 billion stems primarily from its planned participation in a $10 billion concurrent private placement. Under the subscription agreement, Google will exercise its option previously acquired under the Google 2026 NPA to purchase shares, subscribing to approximately 135 million Class N shares at the IPO offering price.

Upon exercising this option, the available note issuance capacity under the Google 2026 NPA will be reduced accordingly; therefore, this $10 billion cannot be viewed entirely as a new, standalone investment commitment.

Amazon's shareholding calculation, meanwhile, involves convertible notes. The prospectus discloses that Amazon holds approximately $579.3 million in principal amount of convertible notes, of which up to 276,827,518 Class N shares will be converted prior to the completion of the IPO, with the exact number of converted shares subject to an ownership cap.

Amazon's remaining unconverted notes may still be converted into shares in accordance with the relevant agreements once conditions such as the ownership cap are satisfied.

It should be noted that the Class N shares held by Amazon and Google do not carry voting rights on general shareholder matters, but possess corresponding economic interests. Consequently, the scale of the two companies' economic stakes does not equate to their voting power or control over Anthropic.

Nvidia, AMD Among Seven Tech Firms to Join $26 Billion IPO Private Placement

In addition to Amazon, Anthropic also plans to raise capital from seven technology companies through a concurrent private placement alongside its IPO. According to the latest prospectus, these companies will subscribe to Class N shares at the final IPO offering price upon the completion of the IPO and the satisfaction of relevant conditions.

Among them, Google and Nvidia each plan to subscribe for $10 billion, making them the two largest participants in this concurrent private placement. The specific breakdown is as follows:

This $26 billion will not be acquired through open-market purchases; rather, Anthropic will directly issue Class N common stock to the seven aforementioned companies.

The transactions are scheduled to close immediately following the completion of the IPO, subject to the conditions set forth in the prospectus. The shares issued in this private placement will not be part of the public IPO offering and will not be subject to underwriter lock-up agreements.

From a commercial standpoint, this group of investors spans cloud computing, GPUs, AI accelerators, custom chips, memory, and foundry services.

For Anthropic, this private placement funding will help bolster its capital reserves, providing financial support for computing infrastructure buildout, R&D, and talent recruitment, while further strengthening its partnerships with AI infrastructure providers.

Anthropic's Major Institutional Investors: Spark Capital, ICONIQ, Coatue and Others

[Source: Dealroom]

In addition to Amazon, Google, and other tech companies, Anthropic has also garnered support from several prominent venture capital firms and major institutional investors, including Spark Capital, Menlo Ventures, ICONIQ, Lightspeed, Coatue, Zoom Ventures, SK Telecom, and Singapore's sovereign wealth fund GIC.

Among them, Spark Capital is one of Anthropic's early major institutional investors, having led the company's 2023 Series C round. The prospectus discloses that its affiliated funds also participated in the Series D through Series H rounds, with cumulative subscriptions totaling approximately $777 million.

Zoom Ventures also participated in the 2023 Series C round. Meanwhile, SK Telecom announced a $100 million investment in Anthropic in August 2023 and partnered with the company to develop multilingual large language models for the telecommunications industry.

Coatue and GIC co-led Anthropic's $30 billion Series G round announced in February 2026, which brought the company's valuation to $380 billion upon completion.

Regarding the value of stakes held by Coatue, ICONIQ, and GIC, third-party data platform Dealroom previously estimated that their holdings were each worth approximately $30 billion, based on a company valuation of $1.5 trillion. Spark Capital's estimated stake value was approximately $10.8 billion; however, this figure is a model-based estimate rather than the actual market value of holdings disclosed by Anthropic.

For institutions such as Menlo Ventures, Lightspeed, Zoom Ventures, and SK Telecom, there is currently also a lack of sufficiently complete and standardized disclosures on their latest shareholdings, making it inadvisable to provide definitive valuations for their holdings.

Overall, the strategic investment relationships and corresponding shareholdings of Amazon and Google are relatively clear, whereas variations in disclosure remain regarding the actual holdings of venture capital firms and other financial investors.

Anthropic Ownership Structure: Stake Value Does Not Equal Corporate Control

Anthropic employs a multi-class share structure that separates economic interests, shareholder voting rights, and board appointment and removal powers, conferring distinct rights across different share classes.

Key arrangements include:

Class A shares: Issued to public market investors, with each share carrying one vote.

Class N shares: Primarily held by strategic investors, carrying economic interests but no voting rights on general shareholder matters.

Class F shares: Held by Founder LLC, comprising the seven co-founders, and possessing 50.1% of the voting power on general shareholder matters.

Class T shares: Held by the Long-Term Benefit Trust (LTBT) to elect and remove Class T directors, who hold a majority of authorized board seats.

Class E shares: Primarily issued to company employees, carrying no economic interests and holding voting rights only on certain specific matters.

This arrangement grants the founders and the Long-Term Benefit Trust significant influence over corporate governance. Specifically, Founder LLC holds a majority of the voting power on general shareholder matters, while the LTBT influences board composition through Class T directors.

This means that even if strategic investors such as Amazon and Google hold substantial economic interests, they cannot decide Anthropic's major governance matters based solely on their shareholdings.

For IPO investors, beyond focusing on company valuation and major shareholder holdings, it is also necessary to consider the impact of the multi-class share structure on shareholder voting rights and corporate governance.

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