2 Stocks That Will Cash In When Anthropic Goes Public

Anthropic could reportedly complete an initial public offering (IPO) by early November, which could fetch a valuation of roughly $2 trillion. Amazon (NASDAQ: AMZN) and Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) are two stocks positioned to benefit if Anthropic goes public.

Anthropic said its annualized revenue reached $47 billion in May, up from the $14 billion run rate it disclosed on Feb. 12, 2026. That helped push its valuation to $965 billion on May 28, following a $65 billion Series H round led by Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital.

Amazon and Alphabet hold minority stakes, providing investors with some exposure to Claude's growth. Moreover, if Anthropic does go public, it could raise additional capital to support the massive compute commitments it's already making with Amazon and Google.

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Amazon

In its second-quarter earnings release, Amazon reported that net income surged 244% year over year to $62.6 billion. A key driver was a $53.4 billion non-operating pre-tax gain recognized as "other income," which the company attributed primarily to its investment in Anthropic. This gain reflected the recent increase in valuation for Anthropic following its latest funding round. The gain represented 2% of Amazon's market cap at the time of the second-quarter earnings release.

Amazon originally built its stake through convertible notes purchased from late 2023 through 2025. In Q2 2026, it added $5 billion in nonvoting preferred stock. If Anthropic IPOs, those notes and preferred shares would convert into nonvoting common stock, though Amazon would likely be subject to a standard lockup period restricting sales until a set date.

Beyond equity upside, Amazon can also profit from Anthropic as a key compute supplier. In Q2 2026, Anthropic agreed to commit more than $100 billion to Amazon Web Services over the next 10 years, including up to 5 gigawatts of data center capacity to train and run Claude.

Amazon's cloud and chip business is gaining momentum. AWS revenue accelerated to 37% year over year (excluding currency changes) in the second quarter. Amazon also disclosed that demand for Trainium and Graviton custom chips has exceeded $25 billion annually and is growing at triple-digit rates.

Amazon's stake in Anthropic and its long-term AWS commitment give investors one option to ride Claude's growth.

Alphabet (Google)

Alphabet is in a similar position, though its connection to Anthropic is less explicit in public disclosures. Alphabet doesn't mention Anthropic in its SEC filings or earnings reports. Instead, investors have to rely on court filings reported by The New York Times in March 2025, which indicated that Google owns roughly a 14% stake in Anthropic, capped at 15%. In April, Google reportedly planned to invest an additional $40 billion in the company.

Alphabet reported a $95 billion year-over-year increase in Other Income in the second quarter -- around 2% of the company's $4.1 trillion market cap. In its 10-Q SEC filing for the quarter ending June 30, 2026, the company said the increase was due to unrealized gains from its investment in Space Exploration Technologies and an undisclosed "private company," likely Anthropic, following its latest funding round. If Anthropic goes public at a valuation anywhere close to the reported $2 trillion -- more than double its recent $965 billion valuation -- Alphabet stands to see additional gains from its investment.

But Alphabet also stands to benefit in other ways. In October 2025, Anthropic said it would use up to 1 million of Google's Tensor Processing Units (TPUs), an expansion "worth tens of billions of dollars." The extra capital Anthropic would raise in an IPO would help fund these expenditures, benefiting Google.

In April 2026, Anthropic signed new agreements with Google and Broadcom for several gigawatts of next-generation TPU capacity starting in 2027. Anthropic called it a "groundbreaking partnership" designed to expand compute infrastructure for frontier Claude models and meet "extraordinary" global demand.

Alphabet's second-quarter earnings report showed Google Cloud revenue rising 82% year over year, reflecting the growing demand for TPUs and cloud services.

Aside from any financial gain it may realize from a potential Anthropic IPO, the business relationship between these companies reinforces the value of Alphabet's data center infrastructure and supports the case for the stock as a solid long-term hold.

John Ballard has positions in Amazon and Space Exploration Technologies. The Motley Fool has positions in and recommends Alphabet, Amazon, and Broadcom. The Motley Fool has a disclosure policy.