Alphabet quietly built a 14-15% stake in Anthropic over the past three years. If the Claude maker’s IPO lands anywhere near a $3 trillion valuation, that position could be worth north of $210 billion on paper.
For context, $210 billion is roughly the entire market cap of Netflix. And Alphabet got there by writing checks totaling about $3 billion between 2023 and 2025.
The numbers behind the bet
Anthropic confidentially filed its S-1 with the SEC on June 1, 2026, setting the stage for what’s shaping up to be one of the most closely watched IPOs of the year. The company’s last private valuation came in at approximately $965 billion, following a monster $65 billion funding round.
Alphabet has committed up to $40 billion in new investment, with an initial $10 billion tranche at a $350 billion valuation.
