Catalog all strategic and corporate investments in Anthropic, including Amazon, Google, Microsoft, Nvidia, Salesforce Ventures,…

The secondary summaries disagree on cash versus contingent amounts. I’m checking primary announcements and the Amazon and Alphabet filings next.
Anthropic’s strategic cap table is a set of staged cash instruments sitting next to much larger purchase obligations. Cash invested by Amazon, Google, Microsoft, and others is real equity or convertible debt. The $100 billion-plus cloud contracts are Anthropic spending money on those same partners, not capital those partners put into Anthropic.

How the instruments actually work

The pattern, repeated from Amazon in 2023 through AMD in 2026, is a minority, usually non-voting security, often a convertible note or non-voting preferred, paired with a multi-year commitment by Anthropic to buy that investor’s chips or cloud. The cash check is small relative to the purchase obligation, and later tranches are gated on milestones. Amazon has said its original $4 billion was cash, not AWS credits. Google’s 2023 cloud contract was described as larger than the equity check and separate from it. Microsoft’s $30 billion Azure commitment is a purchase obligation, not a credit that substitutes for the equity investment.

Accounting then splits the economics. Amazon carries convertible notes at fair value with unrealized gains in other comprehensive income, and marks non-voting preferred through earnings when a new funding round supplies an observable price. Alphabet uses the measurement alternative: private stakes stay at cost until an observable transaction, then jump. Anthropic books the mirror image. A leaked draft prospectus shows a 2025 net loss of about $42 billion, of which roughly $34 billion is a non-cash remeasurement of convertible notes as the valuation rose, against an operating loss of more than $8 billion on about $4.6 billion of revenue.

Priced-round anchors used below: Series E, March 2025, $3.5 billion at a $61.5 billion post-money; Series F, September 2, 2025, $13 billion at $183 billion; Series G, February 12, 2026, $30 billion at $380 billion; Series H, May 28, 2026, $65 billion at $965 billion.

Amazon: $18 billion funded, $15 billion still gated on compute delivery

Amazon is the only strategic investor whose cash, instrument, and carrying value are laid out in its own quarterly filings. The position is minority, non-voting, and subject to an ownership cap Amazon can waive. Amazon has not published a percentage.

Date	Cash funded	Instrument	What was still contingent
Sep 25, 2023	$1.25 billion	Convertible note; option for a second note	Up to $2.75 billion more, exercisable by end of Q1 2024. AWS named primary cloud; Trainium and Inferentia for future models. Minority stake. Cash, not cloud credits.
Mar 27, 2024	$2.75 billion	Second convertible note, at the September terms	Completed the original $4 billion. TechCrunch noted the option let Amazon invest at the lower September valuation.
Nov 22, 2024, through Q4 2025	$4 billion more, staged	Additional convertible notes	Amazon announced another $4 billion and named AWS primary training partner. By year-end 2024 it had put in about $1.3 billion of that tranche and agreed to invest $2.7 billion more by the end of 2025. Filings: $8.0 billion of notes invested from Q3 2023 through Q4 2025. Some notes later converted into non-voting preferred (preferred carrying value was $14.8 billion at Dec 31, 2025).
Apr 20, 2026, recorded in Q2	$5 billion	Series G non-voting preferred	Announced as $5 billion now plus up to $20 billion more. Anthropic committed to spend more than $100 billion on AWS technologies over ten years and to secure up to 5 GW of Trainium capacity, including nearly 1 GW by the end of 2026.
Q2 2026, Series H	$5 billion	Series H non-voting preferred, via an option	Exercising the option cut a new financing facility from $20 billion to $15 billion.

Funded cash through June 30, 2026: $18 billion ($8 billion notes plus $10 billion preferred). Still available: up to $15 billion, not as a lump sum. Amazon’s Q1 2026 filing describes a facility of up to $20 billion that expires 30 months after a liquidity event. Nothing is drawable at inception. Amounts open only as Amazon hits compute-delivery milestones under the amended AWS agreement. Draws are new convertible notes or, after an IPO, common stock, issued for cash. That is equity financing tied to capacity delivery, not a cloud-credit investment.

Carrying value at June 30, 2026: $190.4 billion — notes at an estimated fair value of $97.9 billion (unrealized gain in AOCI of $92.0 billion) and non-voting preferred at $92.5 billion. In Q2 alone, Amazon recorded about $50.5 billion of upward adjustments on the preferred in other income, inside $53.4 billion of other income, and net income of $62.6 billion. Preferred marks hit earnings; note marks mostly sit in AOCI until conversion or sale. Earlier marks: about $13.8 billion at the end of 2024 on roughly $5.3 billion invested, and $60.6 billion at the end of 2025 ($45.8 billion notes plus $14.8 billion preferred).

The prospectus obligation is separate and larger: at least $110 billion to Amazon from May 2026 through April 2036, payable even if usage falls short. That matches the commercial shape of the April “more than $100 billion over ten years” pledge, not the equity check.

Google / Alphabet: early convertibles, a 15% cap, then a $40 billion ceiling

Google’s early stake is the best-documented ownership term in the cap table, and the later dollars are the least itemized.

• April 2023: $300 million for about a 10% stake, per CNBC. A separate report put an earlier 2023 check near $400 million. Treat $300 million / ~10% as the figure Google’s later comments were anchored to.
• October 27, 2023: up to $2 billion as a convertible note — $500 million upfront, $1.5 billion over time — confirmed by an Anthropic spokesperson. Bloomberg reported the note was set to convert at the next funding round, and that a multi-year Google Cloud agreement signed before the financing was larger than the investment itself. That cloud contract is a purchase commitment, not part of the $2 billion.
• January 2025: more than $1 billion, taking Google’s total investment to around $3 billion, on top of the prior $2 billion and a reported ~10% stake at that time.
• March 11, 2025: Anthropic court filings, reported by The New York Times, put Google at 14%, capped at 15%, with no voting rights, no board seat, and no board observer. The same filings said Google had invested more than $3 billion and was set to invest another $750 million in September 2025 via convertible debt agreed in 2023.
• April 24, 2026: up to $40 billion. Anthropic said Google committed $10 billion in cash now at a $350 billion valuation, plus $30 billion more if performance targets are met. The Financial Times described the $350 billion figure as pre-money; Reuters described it as the valuation. That is below the February Series G post-money of $380 billion, so this was a negotiated strategic price, not the last venture round. Alongside the cash, Google Cloud was to provide 5 GW of capacity over five years. The FT said a five-year capacity deal could be worth about $200 billion. An April 6 agreement with Google and Broadcom, separate from the equity, covers multiple gigawatts of next-generation TPUs from 2027; a Broadcom filing put that at 3.5 GW.
• Series H, May 28, 2026: Bloomberg reported Google contributed several billion dollars as part of the up-to-$40 billion commitment. Anthropic’s own release itemizes $15 billion of previously committed hyperscaler money in the round, of which $5 billion is Amazon, and does not break out Google.

A secondary Dealroom note put cash invested at about $13.3 billion plus up to $30 billion still contingent. That is consistent with roughly $3 billion through early 2025 plus the $10 billion April tranche, but it is not an Alphabet disclosure. Alphabet’s non-marketable cost basis rose from $28.4 billion at December 31, 2025 to $47.6 billion at June 30, 2026 — a $19.2 billion increase across all private holdings, an upper bound, not an Anthropic-only number.

Compute, not equity: the draft prospectus obligates Anthropic to spend at least $111.1 billion with Google from April 2026 through July 2033, and to pay the difference if actual spend falls short.

Microsoft and Nvidia: “up to” checks that partially closed inside Series G

On November 18, 2025, Microsoft, Nvidia, and Anthropic announced a three-way partnership. Microsoft committed to invest up to $5 billion and Nvidia up to $10 billion. Anthropic committed to purchase $30 billion of Azure compute and to contract up to 1 GW more. Its Nvidia compute commitment was initially up to 1 GW on Grace Blackwell and Vera Rubin systems. Amazon remained the primary cloud and training partner. A person familiar told Reuters both investments were aimed at the next funding round, then expected above $300 billion.

Anthropic’s February 12, 2026 Series G release says the $30 billion round “includes a portion of the previously announced investments from Microsoft and NVIDIA.” It does not say the full $15 billion closed there. Series H’s $15 billion of previously committed hyperscaler money is identified only as including Amazon’s $5 billion.

Subsequent earnings coverage is firmer on Microsoft than on Nvidia. TechCrunch and TipRanks reported that Microsoft invested $5 billion in November 2025 and recorded a $3.2 billion gain on the stake in the quarter ended June 30, 2026, adding $0.33 to diluted EPS. Microsoft does not routinely mark the stake every quarter, so that gain is a point-in-time observable-price adjustment, not a full carrying-value disclosure. Nvidia’s funded amount is still only “a portion” of “up to $10 billion” in primary company language. In March 2026, Jensen Huang reportedly described that $10 billion commitment as likely Nvidia’s last direct investment before an IPO. Separate September 2026 reports said Nvidia was in talks to anchor up to $10 billion of an IPO; that is unconfirmed and is not closed capital.

The prospectus later sizes the Microsoft purchase obligation at $31.4 billion from November 2026 through May 2033, non-cancelable except for Microsoft’s uncured material breach — slightly above the $30 billion announced in November 2025, consistent with the extra gigawatt option being partly firmed up. Nvidia-based capacity also shows up through xAI: up to $84.5 billion through 2029, largely cancelable on 90 days’ notice. That is an Anthropic spending ceiling, not an Nvidia equity investment.

AMD, Salesforce, Zoom, SK Telecom, and the memory suppliers

AMD (July 22, 2026). AMD committed to a strategic equity investment of up to $5 billion in the future, tied to deployment milestones, not cash funded at announcement. Anthropic will deploy up to 2 GW of Instinct MI450 GPUs in Helios racks, first gigawatt in the first half of 2027. Reuters described the hardware sale as tens of billions of dollars. The draft prospectus says AMD agreed to buy up to $5 billion of stock and to supply computing capacity expected to exceed $20 billion. Direction matters: unlike AMD’s OpenAI warrant deal, AMD is buying Anthropic equity rather than issuing AMD stock to win the order.

Salesforce Ventures. First check was about $50 million in the May 2023 Series C, when Anthropic was valued a little above $4 billion. Salesforce Ventures says it participated in every subsequent round through at least Series G. Cumulative cash is not in a Salesforce filing. Marc Benioff has said the company spent hundreds of millions, and one report put the total above $300 million. Bloomberg, after Series H, put the stake at about $5 billion. Benzinga reported a $2.6 billion gain on strategic investments in a later quarter, tied to the Anthropic mark. A Dealroom estimate of a 4% stake worth $38.6 billion conflicts with the Bloomberg mark and should not be used; Dealroom multiplies a disclosed percentage by the headline valuation, and that percentage is not in a company filing. Benioff has said he expects the position to be worth tens of billions at an IPO and has talked about selling to retire debt. Salesforce is also a large customer — Benioff has projected about $300 million of token spend in 2026 — so the strategic return is distribution plus equity, not a cloud-capacity swap.

Zoom Ventures. About $51 million in the May 2023 Series C. A later report says Zoom added about $46 million of preferred stock between late January and April 2026, for roughly $97 million total. The same report marked the stake at about $1.27 billion at the start of 2026, when Anthropic was at $380 billion, and about $3.13 billion by the end of July 2026 at the $965 billion mark. An earlier June 2026 figure of about $1.3 billion predates the full Series H revaluation. No Zoom filing with a precise share count was in the sources reviewed.

SK Telecom. $100 million in August 2023 for roughly a 2% stake, since diluted to about 0.3%. Korean regulatory disclosures carried the stake at about 1.376 trillion won, reported as roughly $900 million, at the end of 2025, versus a 132.1 billion won book value at the first investment. SK Telecom made a further, undisclosed investment in a later round. After that, analysts estimated the position above 4 trillion won, reported as about $2.6 billion. SK Telecom has not disclosed the latest check size. This is equity in a model lab, not a compute take-or-pay.

Samsung, SK hynix, and Micron joined Series H as strategic infrastructure partners. Amounts were not disclosed. Anthropic framed them as memory, storage, and logic suppliers whose equity aligns them with Claude’s capacity ramp, not as cloud landlords. SK hynix is a different company from SK Telecom.

Cisco is named in secondary round recaps as a Series E participant. Check size was not disclosed in the sources used here.

Sovereign and other strategic money in the priced rounds

These are mostly straight equity at the round price, not convertible notes tied to chips. Individual check sizes are generally undisclosed except where noted.

Series F, September 2, 2025 — $13 billion at $183 billion post-money. Led by ICONIQ, co-led by Fidelity and Lightspeed. Named participants include GIC, Qatar Investment Authority, Ontario Teachers’ Pension Plan, Blackstone, BlackRock-affiliated funds, Goldman Sachs Alternatives, General Atlantic, Coatue, TPG, Altimeter, Insight, Jane Street, and others. MGX was reported in talks and was not on the final list.

Series G, February 12, 2026 — $30 billion at $380 billion post-money. Led by GIC and Coatue. Co-leads: D.E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ, and Abu Dhabi’s MGX. Participants include QIA, Temasek, JPMorganChase through its Security and Resiliency Initiative, Blackstone, BlackRock-affiliated funds, and a portion of the Microsoft and Nvidia commitments. Run-rate revenue at announcement was $14 billion. GIC’s step from Series F participant to Series G lead is the clearest sovereign escalation. Dario Amodei had earlier expressed reservations about Gulf capital; MGX’s co-lead shows that constraint had loosened by early 2026.

Series H, May 28, 2026 — $65 billion at $965 billion post-money. Led by Altimeter, Dragoneer, Greenoaks, and Sequoia, each reportedly above $2 billion. Co-leads include Capital Group, Coatue, D1, GIC, ICONIQ, and XN. Significant investors include MGX, Temasek, Blackstone, Brookfield, Fidelity, Baillie Gifford, DST, Jane Street, and NTT’s venture arm NTTVC. Of the $65 billion, $15 billion was previously committed hyperscaler money, including Amazon’s $5 billion. Run-rate revenue had crossed $47 billion earlier that month. The round is the last fully disclosed private mark before a confidential S-1 filed around June 1, 2026. IPO price talk near $2 trillion is banker and press reporting, not a closed financing.

What the accounting marks imply — and what they do not

Amazon’s $190.4 billion at June 30, 2026, against a $965 billion Series H, is about 19.7% if you divide carrying value by post-money. That is an upper-bound sketch, not an ownership percentage. Three adjustments cut against a clean division. Preferred is marked from observable funding prices but with a Level 3 process that includes discounts for lack of marketability, security rights, and time to liquidity. Notes are fair-valued separately, and part of the original $8 billion has already converted, so note fair value is not “$8 billion times the same multiple.” An ownership cap can force conversion into non-voting preferred rather than common, which changes both control and the discount. One secondary analysis claimed about 21%; another derived roughly 9% and 20% by two methods. Until the S-1 cap table, high teens is the right order of magnitude, not a precise stake.

The income-statement mark is narrower than the balance-sheet mark. The $50.5 billion Q2 earnings boost is the preferred revaluation. The $92 billion note gain is in AOCI and does not flow through net income the same way. A $2 trillion IPO would not create $190 billion of new earnings; a large piece is already marked. Scaling the June carrying value from $965 billion to $2 trillion implies roughly $395 billion, about $200 billion above the June mark, only if the stake percentage and discounts stay constant.

Alphabet does not name Anthropic. As of June 30, 2026, non-marketable equity securities under the measurement alternative had a carrying value of $124.3 billion, up from $64.1 billion at December 31, 2025. The filing says those investments “primarily consist of our investment in a private company,” and $87.9 billion of the bucket was remeasured in the second quarter, mostly as Level 2, meaning an observable transaction rather than a pure model. Bloomberg identified that investment as Anthropic and put the stake at about $124 billion. SpaceX is not in this bucket: after its June 2026 listing, restricted SpaceX shares sit in marketable securities (about $80 billion restricted, with the stake reported around $94 billion). Q2 other income of about $98 billion, including $99 billion of net equity-securities gains, is SpaceX plus the private company, not an Anthropic-only gain.

If nearly all of the $124.3 billion is Anthropic at the $965 billion round, the implied stake is about 13%. That sits just under the 14% disclosed in early 2025 and the 15% cap. Dilution from the $30 billion Series G and $65 billion Series H would have pushed a static 14% lower; the April $10 billion and the Series H follow-on pulled it back up. A measurement-alternative mark can also embed a small discount to the headline price. Roughly 13%, capped at 15%, non-voting, is the defensible inference. It is not a second source of a precise share count.

Anthropic’s $34 billion 2025 note charge is the same valuation event seen from the issuer. As Amazon’s and Google’s conversion value rose, Anthropic recorded a loss. That charge confirms the notes were still outstanding and in the money relative to their conversion terms. It does not, by itself, give a share count. Amazon marking notes from $42.2 billion on March 31, 2026 to $97.9 billion on June 30 is the investor-side version of that remeasurement across the Series H jump from $380 billion to $965 billion.

Microsoft’s $3.2 billion quarterly gain on a reported $5 billion cost, over a period when the post-money mark went from the Series G area to $965 billion, implies the funded stake was small — on the order of 1% or less if the gain is a partial mark toward the Series H price. That is an inference, not a disclosed percentage. Nvidia has not published a comparable mark.

What is cash, what is a promise, what is Anthropic’s bill

Partner	Cash funded (best disclosed)	Still contingent equity	Anthropic’s purchase obligation	Instrument / control
Amazon	$18B through Jun 30, 2026	Up to $15B, drawable only as compute milestones are met; notes or post-IPO stock	≥$110B, May 2026–Apr 2036, pay-regardless; up to 5 GW Trainium	Convertible notes + non-voting preferred; ownership cap waivable; no disclosed %
Google / Alphabet	~$3B by early 2025 + $10B in Apr 2026; several billion more inside Series H. ~$13B is a secondary estimate, not a filing	Up to $30B more, performance-gated, inside a $40B ceiling	≥$111.1B, Apr 2026–Jul 2033, shortfall payment; 5 GW over five years plus a separate multi-GW Broadcom/TPU deal from 2027	Early convertibles; 14% in Mar 2025, cap 15%, no vote, no board
Microsoft	Announced up to $5B; earnings coverage says $5B was invested; a portion closed in Series G. $3.2B gain in quarter ended Jun 30, 2026	Any unfunded remainder of the “up to” not itemized	$30B Azure announced; prospectus $31.4B, Nov 2026–May 2033, cancelable only for material breach; option for ~1 GW more	Equity; % undisclosed
Nvidia	Up to $10B; a portion inside Series G. Funded amount not itemized	Remainder of the “up to”; reported IPO-anchor talks of up to $10B are not closed	Up to 1 GW Grace Blackwell / Vera Rubin. Separate xAI path: up to $84.5B through 2029, mostly 90-day cancelable	Equity commitment, not a disclosed carrying value
AMD	$0 at announcement	Up to $5B, milestone-gated, “in the future”	>$20B of capacity in the prospectus; up to 2 GW MI450 from H1 2027; Reuters: tens of billions of servers	Future equity, not warrants in AMD stock
Salesforce Ventures	~$50M in 2023; hundreds of millions cumulative (one report: >$300M)	Undisclosed pro rata	None disclosed. Customer, ~$300M token spend projected for 2026	Preferred / venture equity. Bloomberg mark ~$5B after Series H
Zoom	~$51M in 2023; ~$97M if the 2026 follow-on is included	Undisclosed	None disclosed	Preferred. Secondary mark ~$3.1B at Jul 2026
SK Telecom	$100M in Aug 2023; further undisclosed round	Undisclosed	None disclosed	~2% at entry, diluted to ~0.3%; carried ~$900M at end-2025; later estimate ~$2.6B
GIC, QIA, MGX, Temasek, OTPP	Inside $13B / $30B / $65B rounds. Check sizes not disclosed. GIC led Series G; MGX co-led Series G and joined Series H	Standard pro rata, not chip-gated	None as sovereigns	Priced equity at $183B, $380B, $965B
Samsung, SK hynix, Micron	Undisclosed Series H checks	Undisclosed	Supply relationship, not a dollar take-or-pay in the sources	Strategic equity alongside memory supply

Broadcom’s $161.2 billion of largely non-cancelable equipment leases, and the xAI/Nvidia capacity, belong in the infrastructure stack, not the investor stack. Together with Google, Amazon, and Microsoft they are most of the at least $518 billion decade-long buildout in the draft prospectus, about 80% non-cancelable or payable regardless of use.

The competitive implication is structural. A new model lab cannot replicate “get Amazon and Google to fund you” without also signing pay-regardless capacity that now exceeds $100 billion at each of those two clouds. The equity is the smaller side of the trade, and it is deliberately non-controlling: Google is capped at 15% with no vote, and Amazon holds notes and non-voting preferred. The investors get a marked-up stake and a locked customer. Anthropic gets chips it cannot currently buy elsewhere, and a GAAP loss every time those notes are worth more. The S-1, once public, is the document that replaces the 13% and high-teens inferences with a share count.

---

Recent Findings Supplement (October 2026)

Anthropic’s April–May 2026 deals with Amazon and Google layered new equity commitments on top of massive, largely non-cancelable compute purchase obligations, while the May Series H round brought in memory-chip makers as strategic equity investors.[1][2]

These arrangements separate cash/equity investments (which create ownership stakes marked to fair value) from long-term cloud/compute purchase commitments (which are contractual spending obligations, often with “must-pay” or non-cancelable features). The September 2026 reporting on Anthropic’s confidential IPO prospectus (filed June 2026) provides the first detailed breakdown of these obligations.[3]

Amazon’s April 2026 Expansion: Cash + Compute Tie-Up

Amazon announced it would invest up to $25 billion more in Anthropic ($5 billion immediate + up to $20 billion future, subject to commercial milestones), on top of its prior ~$8 billion. This is structured as convertible notes and nonvoting preferred stock.[1][4]

In exchange, Anthropic committed to spend more than $100 billion over 10 years on AWS technologies (including Trainium chips), with access to up to 5 GW of capacity. The prospectus later quantified Amazon’s share at $110 billion (May 2026–April 2036), with a must-pay shortfall clause.[3]

• This deepens Amazon’s dual role as investor and primary cloud/training partner.
• At June 30, 2026, Amazon carried its Anthropic position at $190.4 billion ($97.9 billion notes + $92.5 billion preferred), after ~$18 billion total invested; it recorded a $50.5 billion Q2 upward adjustment on the preferred shares (part of $53.4 billion other income).[5]

Implication for competitors: Pure compute providers without equity upside face harder economics; Amazon’s structure creates a self-reinforcing loop where usage drives both revenue and stake value.

Google’s April 2026 Parallel Commitment

Days after Amazon’s announcement, Google committed up to $40 billion ($10 billion cash at a $350 billion valuation + up to $30 billion contingent on performance targets).[2][6]

This supports expanded TPU capacity (up to 5 GW via a Google-Broadcom-Anthropic arrangement). The prospectus quantified Google’s infrastructure obligation at $111.1 billion (April 2026–July 2033), also with a must-pay shortfall provision.[3]

Alphabet’s Q2 2026 filings showed non-marketable equity securities at $124.3 billion (primarily one unnamed private company, widely reported as Anthropic), with $87.9 billion remeasured and $77.5 billion gross unrealized gains in the quarter.[7]

Implication: Google’s stake (~14% in some analyses) provides similar mark-to-market upside as Amazon’s, but the compute commitments lock in usage regardless of short-term demand fluctuations.

May 2026 Series H Round: $65 Billion at $965 Billion Valuation

Anthropic closed a $65 billion Series H round at a $965 billion post-money valuation (co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia; participants included Capital Group, Coatue, and others).[8][9]

This included $15 billion from previously committed hyperscaler tranches (e.g., $5 billion from Amazon). Strategic infrastructure partners Micron, Samsung, and SK hynix took equity stakes alongside their memory/supply roles.[10]

• Run-rate revenue reportedly exceeded $47 billion earlier in May.
• This round more than doubled the February 2026 valuation (~$380 billion post-money) and positioned Anthropic above OpenAI’s then-reported valuation.

Implication: The inclusion of memory suppliers as equity holders signals vertical integration in the supply chain; new entrants must compete on both capital and hardware ecosystem access.

September 2026 Prospectus Disclosures: $518 Billion Total Commitments

Reporting on Anthropic’s confidential IPO prospectus (June 2026 filing) revealed ~$518 billion in decade-long infrastructure commitments across six partners, with ~80% non-cancelable or payable regardless of usage.[3][11]

Key breakdowns (compute/infrastructure obligations, distinct from equity cash):
- Google: ≥$111.1 billion.
- Amazon: $110 billion.
- Microsoft: $31.4 billion (Nov 2026–May 2033; non-cancelable except material breach).
- Broadcom: ~$161.2 billion equipment leases (largely non-cancelable).
- xAI arrangement: Up to $84.5 billion Nvidia-based capacity through 2029 (mostly cancelable with 90-day notice).
- AMD: >$20 billion capacity; AMD to purchase up to $5 billion in Anthropic shares.

Anthropic also highlighted Micron/Samsung/SK hynix memory partnerships. Revenue routed through Amazon and Google reached 47% in the prior year.[12]

Implication: These fixed obligations de-risk suppliers’ capacity investments but create substantial balance-sheet pressure on Anthropic; competitors without similar locked-in demand visibility face higher risk in building out infrastructure.

Accounting Marks Enable Valuation Inference

Amazon and Alphabet’s Q2 2026 filings (reported July–September 2026) provide observable transaction-based marks that allow back-calculation of implied ownership and fair value.[5]

• Amazon’s $190.4 billion carrying value at June 30, 2026 (post ~$18 billion invested) against the $965 billion Series H valuation implies roughly 19–20% effective exposure (exact percentage not disclosed; instruments include notes and nonvoting preferred).
• Alphabet’s $124.3 billion primarily-Anthropic bucket (with large Q2 remeasurements) aligns with ~14% historical stake estimates.
• At a hypothetical $2 trillion IPO valuation, Amazon’s position could approach $395 billion and Alphabet’s ~$280 billion (illustrative; subject to dilution, instrument terms, and final cap table).[13]

Anthropic’s own 2025 results showed a ~$42 billion net loss, of which ~$34 billion was a non-cash remeasurement charge on convertible notes tied to rising valuations.[14]

Implication: These marks turn private-company gains into reported earnings for investors, creating volatility upon IPO or further rounds; entrants must model similar accounting effects if using convertible or preferred structures.

No material new public details emerged after April 3, 2026, on Microsoft equity stakes, Nvidia direct investments, Salesforce Ventures, Zoom, SK Telecom, or sovereign backers. Earlier commitments (e.g., Microsoft Azure compute) appear reflected in the prospectus figures. All figures are in USD.