Anthropic IPO Filing Reveals $965 Billion Valuation and Cloud Ties
Anthropic disclosed a $965 billion valuation and heavy revenue reliance on Google, Amazon, and Microsoft in its S-1 filing as it prepares for an IPO.
Anthropic revealed a valuation of $965 billion during its Series H financing in an S-1 filing as CEO Dario Amodei prepares the company for public markets. The filing shows the AI firm reported second-quarter sales of $11.6 billion and an operating profit of $974 million, with 48% of its first-half 2026 revenue generated through cloud marketplace sales from Alphabet Inc., Amazon.com Inc., and Microsoft Corp.
Anthropic maintains complex ties with these cloud providers, which serve as simultaneous investors, customers, and competitors. The company has pledged massive spending for computing power: $114.5 billion with Google through 2033, $110 billion with Amazon through 2036, and $44.9 billion with Microsoft. Investment figures from these partners vary by report, with Google committing between $23 billion and $40 billion, and Amazon investing approximately $18 billion.
The filing also highlights the role of Spark Capital, the only traditional venture capital firm named in the document. Spark invested $777 million across six rounds, including a $450 million Series C round in May 2023 that valued the company at $4.5 billion. Yasmin Razavi of Spark Capital, who holds a board seat, noted that the initial investment was a "big leap of faith" based on the team's history of building GPT-3.
