Google parent Alphabet will invest up to $40 billion in Anthropic, deepening its partnership with the artificial intelligence startup at a moment when both companies are simultaneously collaborators and competitors in the global AI race.
Anthropic said Google is committing $10 billion immediately in cash at a $350 billion valuation, matching the price set in a February funding round, with a further $30 billion to follow if the Claude developer meets undisclosed performance targets.
The deal also includes support for a significant expansion of Anthropic's computing capacity, much of which will be delivered through Google Cloud's TPU infrastructure.
The investment arrives alongside a near-simultaneous pledge from Amazon to invest up to $25 billion, bringing combined committed funding from Anthropic's two largest cloud partners to $65 billion.
Amazon had previously invested $8 billion across 2023 and 2024.
The scale of the commitments reflects the extraordinary pace at which Anthropic's commercial trajectory has accelerated.
The company's annualised revenue run rate surged from roughly $9 billion at the end of 2025 to $30 billion by April, a 233% increase driven primarily by enterprise adoption of Claude Code, its AI-powered coding tool, which alone generates more than $2.5 billion in annualised revenue.
The number of enterprise clients spending more than $1 million a year on Anthropic's products now exceeds 1,000.
Anthropic raised $30 billion in its Series G round in February at a $380 billion post-money valuation, but secondary market activity has since pushed implied valuations past $1 trillion on platforms such as Forge Global, reflecting intense investor demand for scarce private shares.
The company is reportedly considering an initial public offering as early as October, with Goldman Sachs and JPMorgan advising on a potential listing.
The compute demands behind Anthropic's growth have prompted a wave of infrastructure deals.
The company has signed multi-year agreements with chipmaker Broadcom and cloud provider CoreWeave, plans to secure nearly one gigawatt of capacity using Amazon's custom Trainium chips by year-end, and has committed to investing $50 billion in US data centres for training and deploying its models.
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Google's deal is structured to benefit both sides: Anthropic gains capital and compute to sustain its expansion, while Google Cloud retains one of its largest and most strategically important customers at a time when Anthropic is also a major buyer of Amazon Web Services capacity.
The relationship places Google in the unusual position of bankrolling a company whose Claude models compete directly with its own Gemini family, a tension both companies have so far managed without public friction.
The recap
- Alphabet commits up to $40 billion to Anthropic investment.
- Initial $10 billion provided now at $350 billion valuation.
- Additional $30 billion contingent on performance targets, company said.
