Key Points
Anthropic and OpenAI are both preparing for initial public offerings (IPOs), having filed confidentially with the Securities and Exchange Commission (SEC). Anthropic, which reached a valuation of $965 billion in May 2026, outpaced OpenAI’s valuation of $852 billion from March 2023. Anthropic currently boasts a revenue run rate of $47 billion, largely attributed to its Claude Code agent’s success.
Amazon and Alphabet are significant investors in Anthropic, with Amazon having invested $13 billion from 2023 to 2024 and anticipating a potential total investment of $20 billion. Alphabet committed about $3 billion total through 2025, with plans to increase to $30 billion. As of early 2023, Amazon’s stake in Anthropic was estimated at around $74 billion, while Alphabet’s 14% stake represents approximately $135 billion.
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