Amazon and Google Win Big From Anthropic IPO
Martin Peers reads Anthropic's updated IPO filing. On a theoretical full-conversion basis, Amazon could own about 20% of Anthropic, worth about $258B at the midpoint of the range, against about $18.6B invested. A self-imposed 12% cap limits its equity, with the rest held in convertible notes. Google is expected to own about 10%, worth about $132B, on about $33B invested, with a 14.99% cap. Neither will hold voting shares. Both have committed to invest more through 2030, subject to conditions. Anthropic has committed to spend at least $121B with Google Cloud through July 2033 plus up to $150B on TPU capacity, at least $110B with AWS through 2036, $49B with Microsoft through 2033, and up to $120.5B with SpaceX through 2029. Caveats: the values are based on preliminary pricing, and the final price could be higher, per the FT. The caps, note conversion and conditional future investment all limit the stakes.
Why it matters
This shows the cap table and ownership structure of the biggest IPO of the cycle, and a rare return-multiple data point for corporate investors (about 14x for Amazon, 4x for Google on paper). It is also useful for Anthropic's investor and shareholder data and its compute commitments on Dealroom.
