Nearly a month after SpaceX (NASDAQ: SPCX) held its highly anticipated and record-breaking IPO, investors hoping for a continuation of the AI-driven market rally are looking forward to the next big public debut of 2026: Anthropic, the maker of the Claude family of AI models.
On June 1, Anthropic confidentially filed its Form S-1 with the U.S. Securities and Exchange Commission (SEC), setting the stage for a potential IPO later this year. The decision was made in the wake of the company’s latest funding round, which concluded in May and resulted in a valuation of $965 billion.
Because the SEC filing was confidential, potential IPO dates, official pricing information, and share details will not become publicly available until Anthropic releases its preliminary prospectus, ahead of an institutional roadshow rumored to be held in September, ahead of a potential October debut.
Still, some key figures have been circulating:
But when Anthropic makes its public debut remains a subject of debate. And while prediction markets are hardly an exact science, they can provide some context. Kalshi currently shows the odds of Anthropic announcing its IPO before Nov. 1 at 57%, while Polymarket shows a 76% chance of an IPO before year’s end.
While shares of the public benefit corporation are currently restricted to accredited investors, certain funds—such as the KraneShares Artificial Intelligence and Technology ETF (NASDAQ: AGIX)—provide everyday investors with access. That exchange-traded fund (ETF) currently allocates 1.65% of its net assets to Anthropic. However, with a net expense ratio of 1%, the cost of owning AGIX is comparatively steep.
Investors looking to get ahead of the next mega-cap AI IPO might want to look at two Magnificent Seven stocks that currently hold massive private equity stakes in Anthropic—without management fees.
Amazon: $13 Billion Invested in Anthropic, $20 Billion More Earmarked
Amazon (NASDAQ: AMZN) has already invested $13 billion in Anthropic, with its stake in the company estimated to be between 15% and 21%.
The e-commerce and cloud computing giant has also committed tens of billions of additional investments, which will trigger in conditional tranches—up to $20 billion more if certain commercial milestones are met.
Amazon’s investment began with a $4 billion commitment across early 2023 and into 2024, with another $4 billion coming in Nov. 2024 when Anthropic named AWS its primary training partner and deployment platform.
According to an Amazon press release, Anthropic “will use AWS Trainium and Inferentia chips to train and deploy its future foundation models. Both companies will continue to work closely to keep advancing Trainium’s hardware and software capabilities.”
In April, Amazon deepened the partnership by injecting $5 billion into Anthropic alongside a pledge to conditionally invest an additional $20 billion. While that degree of CapEx is precisely what has spooked investors and triggered outflows from Magnificent Seven stocks over the past year, the AWS story should serve as a long-term catalyst for AMZN shareholders.
As part of the expanded April agreement, Anthropic committed to spending more than $100 billion over the next decade on AWS cloud infrastructure, making Amazon’s cloud a critical cog in the advancement of the Claude family models.
According to Amazon’s Q1 2026 earnings report, AWS sales—which currently account for 21% of the company’s net sales—are accelerating. AWS revenue grew 28% year-over-year (YOY), good for its fastest pace in 15 quarters, with a $150 billion annualized run rate. Ultimately, that should serve as justification for elevated cash CapEx, which in Q1 reached $43.2 billion with a focus on AWS expansion.
Alphabet: Private AI Upside Meets Google Cloud Demand
Alphabet (NASDAQ: GOOGL) owns an estimated 14% to 15% stake in Anthropic—worth roughly $135 billion based on the latter’s latest valuation—with total commitments exceeding $13 billion.
But Alphabet’s Anthropic angle is different from Amazon’s. While Amazon’s investment is closely tied to AWS infrastructure spending, Alphabet gives investors a mix of private AI exposure, Google Cloud demand, and custom chip usage through its Tensor Processing Units (TPUs).
Alphabet’s total reported exposure to Anthropic could exceed $43 billion when combining Google’s prior investments with its reported April commitment of up to $40 billion in cash and compute. That newer commitment reportedly includes $10 billion upfront and up to $30 billion tied to Anthropic meeting performance targets.
Alphabet’s private-market portfolio also gives investors another reason to pay attention. In Q1, the company reported $62.6 billion in net income, up 81% YOY, helped by $37.7 billion in other income primarily tied to unrealized gains on non-marketable equity securities. While Alphabet did not break out Anthropic’s contribution specifically, the result shows how private AI investments can meaningfully affect headline earnings when valuations rise.
That matters because Alphabet’s Anthropic exposure sits inside a much broader venture-investing machine. CapitalG says it manages $7 billion in assets and has produced 16 IPOs and 11 M&A exits, while GV says it has backed more than 50 companies building next-generation AI-native applications. For investors, that gives Alphabet more than one way to benefit from the private AI market: direct cloud demand, custom chip usage, and potential valuation gains from its private-company holdings.
But the April expansion of the agreement between the two companies is also a revenue driver. Anthropic has committed to use five gigawatts of next-generation TPU capacity through Google and Broadcom, expected to come online starting in 2027. Icing the cake, while much of the AI industry is bottlenecked by NVIDIA (NASDAQ: NVDA), Anthropic uses Alphabet’s Tensor Processing Units, or TPUs, with guarantees in place for access to up to 1 million TPU chips.
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