Anthropic's IPO filing sheds new light on who stands to make money from public debut

Anthropic's long-awaited filing on Monday offered investors a fresh glimpse into the fortunes at stake for some of the biggest names in tech and finance ahead of the artificial intelligence startup's stock market debut.

The maker of Claude is preparing for a potential November listing that could rival SpaceX's ( SPCX ) debut as the largest IPO in history.

The new filing details a financing agreement with Alphabet, Google's parent company ( GOOG , GOOGL ), that could provide Anthropic with up to $20 billion in additional funding.

The arrangement could be reduced by as much as $10 billion if Google exercises an option to purchase nonvoting Anthropic stock in a private placement alongside the IPO, at the offering price.

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Google's financing agreement carries a 14.99% ownership cap, which the company can waive. No funds had been drawn under the arrangement as of June 30, according to the filing.

Amazon ( AMZN ), one of Anthropic's other biggest backers, holds approximately $6.2 billion in outstanding convertible notes that could become roughly 1.84 billion nonvoting shares when the AI startup completes its IPO, according to the filing.

The conversion is subject to a 12% ownership cap, which Amazon can waive. Any notes that cannot convert because of the restriction would remain outstanding and could convert into additional shares following the offering.

The carrying value of Amazon's various Anthropic investments totaled $190.4 billion, according to a July disclosure.

Amazon has separately agreed to provide up to $15 billion in additional financing tied to Anthropic hitting computing capacity milestones. Neither of the tech giants' facilities had been drawn as of June 30.

But Amazon and Google stand to benefit from far more than their equity investment in the startup. Anthropic is also a major customer of Amazon Web Services, which provides cloud computing capacity and distributes the company's AI models to customers.

Anthropic generated $16.3 billion in revenue during the first half of 2026, exceeding its sales for all of last year. But the company also spent nearly $9 billion on computing and infrastructure during those six months, according to the filing.

The AI developer has also committed to spending roughly $450 billion on cloud computing in the coming years, including agreements with Amazon and Google.

"Amazon is going to be the biggest beneficiary because it can win twice," Harrison Rolfes, a senior analyst with PitchBook, told Yahoo Finance last month. It wins on compute sales, it wins on investment," he added.