Google eyes $40B Anthropic stake

Alphabet said on April 24 that it will invest up to $40 billion in Anthropic, deepening ties with the maker of Claude even as the two companies compete in artificial intelligence. (reuters.com) (cnbc.com) Anthropic said Google will put in $10 billion now and may add another $30 billion if the startup meets performance targets. Reuters reported the cash is tied to a major expansion of Anthropic’s computing capacity. (reuters.com) One valuation number is disputed in public reports. Reuters said the initial Google investment is at a $350 billion valuation, while CNBC reported the deal uses Anthropic’s latest $380 billion valuation. (reuters.com) (cnbc.com) Anthropic has been buying compute the way an airline buys planes: years ahead, in huge blocks, so it can train and run larger models. On April 6, the company said it signed a new agreement with Google and Broadcom for multiple gigawatts of next-generation Tensor Processing Unit capacity starting in 2027. (anthropic.com) That infrastructure push comes as Anthropic’s business has grown fast. Reuters reported its annualized revenue passed $30 billion this month, up from about $9 billion at the end of 2025. (reuters.com) The Google deal also lands days after Amazon said it would invest up to $25 billion more in Anthropic. Anthropic, in return, committed to spend more than $100 billion over 10 years on Amazon Web Services technology. (reuters.com) (cnbc.com) That leaves Anthropic in a familiar Big Tech arrangement: backed by cloud providers that also sell rival models. Google offers Gemini, Amazon sells Bedrock services, and Anthropic’s Claude models sit inside both companies’ infrastructure businesses. (cnbc.com) (reuters.com) Google’s relationship with Anthropic started in 2023 with a $300 million investment, followed by another $2 billion later that year, CNBC reported. Before this new agreement, Google’s total investment had already topped $3 billion. (cnbc.com) Anthropic had also raised $30 billion in February at a $380 billion post-money valuation, led by GIC and Coatue, the company said at the time. That round ranked among the biggest private tech financings on record. (anthropic.com) (cnbc.com) The immediate question is not whether Anthropic can raise money. It is whether Google, Amazon and Anthropic can turn those cash commitments into enough chips, power and data-center capacity to keep Claude growing. (anthropic.com) (reuters.com)