Amazon, Google Lead Anthropic's $965B Valuation as AI Startup Eyes IPO

Tech Giants Anchor Anthropic's Investment Portfolio

Anthropic is preparing for its initial public offering backed by some of the most prominent names in technology and finance. 1

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Amazon has invested at least $13 billion in the AI startup and agreed in April to invest up to an additional $20 billion. The partnership extends beyond capital, with Anthropic committing to spend more than $100 billion on Amazon's cloud services over 10 years. Google has committed up to $40 billion to Anthropic, including an initial $10 billion investment announced in April. These strategic partnerships provide the Claude maker with essential cloud infrastructure and access to Google's AI chips, which are used to train and run Claude models.

Venture Capital Firms Drive Successive Funding Rounds

The company's valuation has surged through multiple funding rounds, demonstrating substantial investor conviction. 2

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Lightspeed Venture Partners led the $3.5 billion Series E round in March 2025 and later co-led the $13 billion Series F round at a $183 billion valuation in September that year. ICONIQ Capital led the Series F round and later co-led the $30 billion Series G financing. The venture capital firm's portfolio includes investments in OpenAI and smart ring maker Oura. Coatue Management led the $30 billion Series G financing and later co-led the $65 billion Series H round. Singapore's sovereign wealth fund GIC led the $30 billion Series G round at a $380 billion valuation and has also invested in AI voice generation startup ElevenLabs.

Financial Heavyweights Join AI Investment Wave

Fidelity Management participated in Series E and co-led the $13 billion Series F financing at a $183 billion valuation. The firm's other investments include Databricks and CoreWeave. Sequoia Capital was a significant investor in Series G and became one of the lead investors in the $65 billion Series H round at a $965 billion valuation. Altimeter Capital invested in the September 2025 $13 billion fundraise and was a lead investor in the Series H financing at a $965 billion valuation. D1 Capital Partners invested across multiple large financings including Series E, Series F, Series G and Series H. The firm maintains holdings in Cognition AI and SpaceX.

Early Backers and Individual Investors Shape Company Direction

Skype co-founder Jaan Tallinn led Anthropic's first institutional financing, a $124 million Series A round in 2021. The angel investor has also funded open-source AI startup Zyphra and Rain AI. Former Google chief executive Eric Schmidt has backed Anthropic personally and is among the company's best-known individual investors. Schmidt has also funded Yann LeCun's Advanced Machine Intelligence. Spark Capital led Anthropic's $450 million Series C round in May 2023 and gained board representation through general partner Yasmin Razavi. Salesforce Ventures participated in the Series C round and the Series E financing. The software firm's venture arm has also invested in firms such as Cohere and Chainguard. Menlo Ventures participated in major late-stage financings, including the Series E round at a $61.5 billion valuation. The initial public offering now offers a closely watched test of whether Anthropic investors beyond Silicon Valley share the enthusiasm for the leaders of the AI boom.