Anthropic capital stack (Amazon/Google)
~$350B+ valuation backed by rival hyperscalers
Anthropic raised at valuations reaching roughly $350B by late 2025-2026 on the back of ~$8B from Amazon and multibillion from Google, while committing to Trainium and TPU capacity in return. Its cap structure, split across two competing clouds, is a template for the lab-hyperscaler bargain. It illustrates how compute commitments and equity are fused in this cycle.
Valuation
~$350B (2025-26)
Anchors
Amazon, Google
How it fits the stack
Anthropic capital stack (Amazon/Google) with what it depends on (above) and what it feeds (below). The figure renders as a crawlable diagram and upgrades to an interactive 3D graph as it scrolls into view.
Anthropic capital stack (Amazon/Google) in the AI stack. Anthropic capital stack (Amazon/Google) with its immediate upstream dependencies (top) and downstream dependents (bottom) in the AI value chain. Hover a node in 3D, or read the full relationships below.
Graph data (text) — 5 entities, 6 relationships
- Anthropic capital stack (Amazon/Google) —depends on→ Amazon
- Anthropic capital stack (Amazon/Google) —uses→ AWS Trainium / Inferentia
- Anthropic capital stack (Amazon/Google) —depends on→ Google / Alphabet
- Anthropic capital stack (Amazon/Google) —invests in→ Amazon
- Anthropic capital stack (Amazon/Google) —invests in→ Anthropic
- Anthropic capital stack (Amazon/Google) —invests in→ Google / Alphabet