Anthropic has not yet gone public, but Amazon and Google are already poised to be among the biggest winners of this AI boom. According to Reuters’ calculations based on Anthropic’s IPO filings, if shares are priced at the upper end of the range at $78 per share, the combined value of Amazon’s and Google’s Anthropic stakes would reach $411 billion. Breakdown: - Amazon: Has invested approximately $18 billion through loans, equity, and other means, with its stake valued at $271.8 billion. - Google: Has invested approximately $33.3 billion, with its stake valued at $139 billion. Of course, these figures represent potential market valuations—not yet realized investment gains. More intriguing is the dual role these companies play. Amazon and Google are not only shareholders in Anthropic but also its primary providers of computing power. They invest in Anthropic while simultaneously selling it cloud services and infrastructure. Reuters previously reported that Anthropic has committed to long-term procurement of computing power from Google and Amazon worth approximately $111.1 billion and $110 billion, respectively. This means the two tech giants stand to benefit doubly: earning revenue from Anthropic’s cloud usage while also reaping equity appreciation from its rising valuation. The most sophisticated capital cycle in the AI era may well be: investing in a company that requires massive computing power, selling it that power, and then profiting from its IPO-driven equity surge. As a result, Anthropic’s IPO is not merely the listing of an AI model company—it’s a public market valuation of the entire AI infrastructure investment cycle. Whether this cycle can be sustained will depend on whether real-world AI demand can justify such enormous capital commitments.