Can’t Buy Anthropic, What Will the Market Buy?

TradingKey — As an AI "super unicorn" with a valuation nearing $1 trillion, Anthropic's listing process has consistently kept global capital markets on edge.

On June 1, the AI sector's star company, Anthropic, announced it has confidentially submitted an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), officially commencing the IPO process. The technology firm, renowned for its Claude large language model, is expected to list on the U.S. market this fall, and this confidential filing undoubtedly accelerates its path to an IPO.

More strikingly, just a week before filing for the IPO, Anthropic completed a $65 billion Series H financing round, propelling its post-money valuation to $965 billion.

For retail investors, however, this capital feast seems to be out of reach. A confidential S-1 filing means retail investors cannot participate in the pre-IPO subscription phase, and even after the official listing, the crowding-out effect from institutional investors will make it difficult for ordinary people to secure shares.

In the public market, then, are there other ways to capture the spillover opportunities from Claude's valuation growth? Can investors indirectly benefit from the dividends of this technological revolution by investing in other links of the AI industry chain? These questions are becoming the focus of an increasing number of retail investors.

Core Shareholders and Shadow Stock Dividends

Reviewing Anthropic’s capitalization process, this AI unicorn has successfully completed seven funding rounds from Series A to Series G since its inception. Following the completion of the Series G round, its post-money valuation climbed to approximately $380 billion, establishing a prestigious roster of shareholders.

The specific equity structure shows that Amazon leads the tech giants with a 9% stake, followed by GIC (8%), Microsoft (7%), Coatue (6%), Google (6%), and Nvidia (5%), while the founder team and employee stock option pool account for 21% and 19%, respectively. This diversified capital backing not only paves the way for its IPO but also generates a group of highly valuable "shadow stocks" in the secondary market.

Among these potential beneficiaries, tech giants primarily reap dividends based on their significant holdings and business synergies.

• Amazon ( AMZN )

As the tech giant with the highest stake in Anthropic, Amazon is undoubtedly one of the biggest beneficiaries of this listing. Beyond its direct 9% stake, Amazon has further established deep cooperation with Anthropic through AWS (Amazon Web Services). According to people familiar with the matter, Anthropic plans to pay AWS over $100 billion in computing fees over the next 10 years, which will provide Amazon with stable and substantial cash flow.

In addition, AWS has customized specialized AI chips (Trainium) for Anthropic and built a massive data center network to support its computing power requirements. Following Anthropic's listing, Amazon's book assets will undergo a revaluation, and the value of its stake is expected to climb further from the current level of approximately $86.85 billion (calculated based on a $965 billion valuation).

• Google ( GOOGL )

In contrast, Google plays the role of a "dual-track arbitrageur." Investing in Google essentially equates to simultaneously allocating capital to both Anthropic’s equity and its self-developed Gemini model, acquiring dual growth options in the AI sector at the cost of a single ticker.

• Salesforce ( CRM )

Salesforce holds a significant stake in Anthropic through its venture capital arm and has long integrated Claude deeply into its CRM ecosystem.

As a leading global provider of customer relationship management solutions, Salesforce possesses a massive enterprise customer base. By integrating Claude into its CRM platform, Salesforce can provide customers with smarter and more efficient sales automation, customer service, and data analysis solutions. This deep integration model not only enhances Salesforce's product competitiveness but also generates significant commercial monetization.

Following Anthropic's listing, the value of Salesforce's stake will also be revalued, further consolidating its leading position in the enterprise AI space.

• Zoom ( ZM )

Among the various investors, Zoom is perhaps the most unique. As early as 2023, Zoom announced a strategic partnership with Anthropic and invested approximately $51 million through Zoom Ventures (when Anthropic's valuation was only $4.1 billion).

The partnership integrates Claude into the Zoom platform, gradually covering various product lines such as Team Chat and Meetings. Although Zoom's investment was modest, considering the dilution from subsequent financing, the value of this stake has now reached the $2 billion to $4 billion range or even higher. Compared to Zoom's current market capitalization of approximately $29 billion, this single investment accounts for 7% to 15% or more of its total market value.

For Zoom, Anthropic's listing is undoubtedly a catalyst for its stock price. Following reports of the filing, Zoom's stock price immediately surged by over 9%, demonstrating significant price elasticity.

Computing Power Infrastructure and Underlying Supply Chain

Focusing on the underlying computing power supply chain that supports Claude may be a more prudent choice—after all, regardless of how AI models evolve, the massive demand for computing power remains an unavoidable rigid cost, and those suppliers providing computing chips, foundry manufacturing, and cloud leasing services for Claude are the most certain beneficiaries of this AI wave.

• Broadcom ( AVGO )

Broadcom may not be a public equity investor in Anthropic, but it is one of the most noteworthy players in the Claude computing ecosystem. As a key chip and networking supplier behind Google's TPU ecosystem, Broadcom stands at the intersection of Anthropic's deepening cooperation with Google.

According to the latest agreement, Anthropic will receive approximately 3.5 gigawatts of AI computing power support based on Google's TPU processors and provided by Broadcom starting in 2027. These chips will primarily be used to support the training and inference needs of Claude models.

As Anthropic's reliance on TPUs continues to increase, Broadcom, as an essential hardware and networking node in this chain, will directly benefit from the explosive growth in Claude's computing power demand.

• TSMC ( TSM )

In Claude's computing power supply chain, although TSMC does not directly appear on Anthropic's public list of partners, it is an indispensable link in the entire AI chip industry. As the world's largest wafer foundry, TSMC possesses the most advanced chip manufacturing processes, and almost all high-end AI chips depend on its foundry services.

Whether it is Google's TPU, Amazon's Trainium, or Nvidia's GPU, almost all of their advanced process versions are manufactured by TSMC. As Anthropic's demand for AI chips continues to grow, TSMC, as the core manufacturer of these chips, will indirectly benefit from the expansion of Claude's computing power needs. Especially against the backdrop of continuous upgrades in AI chip manufacturing processes, TSMC's 3nm and more advanced processes will become key to supporting the performance improvements of next-generation AI chips, which will also bring sustained revenue growth for TSMC.

• CoreWeave ( CRWV )

Beyond traditional cloud providers, "Neo-clouds" represented by CoreWeave are becoming an increasingly important component of the Claude computing ecosystem. These new types of cloud providers do not provide full-range cloud services like AWS or Azure, but instead focus more on AI training and inference needs, providing high-density GPU/accelerator chip computing power leasing services for model companies.

In April 2026, CoreWeave announced a multi-year agreement with Anthropic, under which Anthropic will use CoreWeave's cloud platform to run production-grade workloads. This partnership not only provides Anthropic with more flexible computing leasing options but also marks the rising status of Neo-clouds in the AI computing power market.

Compared to traditional cloud providers, Neo-clouds' advantage lies in their greater focus on AI workloads, ability to provide more optimized hardware configurations, and lower leasing costs, making them favored by many AI model companies.

CoreWeave's unique value lies in its close partnership with Nvidia. As a key partner of Nvidia, CoreWeave receives priority access to the latest GPU chips, enabling it to provide customers with the most advanced computing support. As Anthropic's demand for computing power continues to grow, CoreWeave, as one of its significant computing power suppliers, will directly benefit from the expansion of Claude's business.

Enterprise Software and Application Ecosystem Layer

While equity proxy stocks focus on the book value revaluation driven by the upside in Anthropic's valuation, and computing power ecosystem stocks focus on order growth driven by the expansion of Claude’s training and inference demand, enterprise software platforms represent another track with even greater long-term value. Large models must be integrated with enterprise-grade workflows to generate real commercial value, and those companies capable of deeply integrating Claude models into their own systems are transforming AI capabilities into tangible business growth.

In this track, the most prominent representatives include Salesforce, SAP ( SAP ), Snowflake ( SNOW) and ServiceNow ( NOW ). They serve not only as vital distribution channels for Claude models but also as key hubs for the deep integration of AI and corporate business operations.

Furthermore, if enterprise workflows are extended further into government, intelligence, and defense scenarios, Palantir ( PLTR) is also worth a specific mention, as it is becoming a critical distribution platform for Claude to enter high-security-level scenarios within the U.S. government.

In 2024, Palantir, Anthropic, and AWS announced a partnership to integrate the Claude 3 and Claude 3.5 model series into Palantir AIP to serve U.S. intelligence and defense agencies. Subsequently, Anthropic joined the Palantir FedStart program, facilitating Claude for Enterprise's entry into government departments under FedRAMP High and DoD IL5 standards.