Alphabet plans up to $40bn investment in Anthropic, starting with $10bn cash

Alphabet's initial $10bn cash commitment values Anthropic at $350bn; the remaining $30bn is contingent on Anthropic meeting certain performance criteria.

Anthropic's annual run-rate revenue exceeded $30bn this month, compared with $9bn at the end of 2025. The company signed multi-year supply agreements with Broadcom and CoreWeave this month and is expected to gain close to one gigawatt of computing capacity by the end of the year through Amazon's chips.

This follows Amazon's recent announcement of intent to invest up to $25bn in Anthropic (with an initial $5bn and up to $20bn contingent on commercial targets) and Anthropic's February completion of Series G financing that raised $30bn at a post-money valuation of $380bn.