Who Owns Anthropic? Amazon and Google's Stakes in the S-1

Amazon and Google both own large stakes in Anthropic, mostly as non-voting shares. Amazon reports $8.0 billion of Anthropic convertible notes bought from 2023 to 2025. It added $5.0 billion each of Series G and Series H preferred stock in 2026. Google agreed in March 2026 to invest up to $40 billion in cash and performance-linked payments, a deal reported in April. After the IPO, both hold Class N shares, which carry no vote. Under terms described in the S-1, Amazon's ownership is capped at 12% and Google's at 14.99%.

How much has Amazon invested in Anthropic?

Amazon's quarterly report for the period ended June 30, 2026 sets it out. "From Q3 2023 to Q4 2025, we invested $8.0 billion in convertible notes from Anthropic." In the second quarter of 2026, it bought $5.0 billion of Series G nonvoting preferred stock. It also bought $5.0 billion of Series H nonvoting preferred stock under a financing arrangement of up to $20.0 billion.

How much has Google invested?

Bloomberg reported on April 24, 2026 that Google planned to invest up to $40 billion in Anthropic. The S-1 sets out how that breaks down. Google put $10 billion into the Series G round in March 2026, at a $350 billion valuation (the pre-money price of that round). On March 31 it signed a note purchase agreement for up to $30 billion more, tied to performance targets. In May it put another $10 billion into the Series H round, which the S-1 counts against that facility, leaving $20 billion. The S-1 also gives Google an option to buy up to $10 billion of Class N shares at the IPO price. That would draw the facility down further.

What kind of shares will they hold after the IPO?

Mainly Class N common stock. Class N has the same economic rights as Class A but no vote, except where the law requires one. The S-1 names Amazon and Google as holders who will each own more than 5% of the company after the IPO. Class N converts into Class A when it's sold to an unaffiliated third party. So a sale by either company would add tradable Class A shares to the market. Our guide to what one ANT share gives you sets out all five share classes.

Are their stakes capped?

Yes. The S-1 says Amazon's convertible notes stop converting once Amazon would hold more than 12% of the company. Google's 2026 agreement caps its ownership at 14.99%. Both companies can waive their own cap, and any excess for Google is funded through a note that converts later.

How does Anthropic show up in Amazon's results?

As investment gains. Amazon's 10-Q shows upward adjustments on its Anthropic investments of about $50.5 billion in the second quarter of 2026. For the six months to June 30, 2026, the figure was $62.8 billion. The two companies are also connected commercially: Amazon's cloud sells Claude, and its Trainium chips are among the hardware Anthropic trains on.

What about Microsoft and Nvidia?

They made commitments in November 2025. Anthropic announced that Nvidia and Microsoft were "committing to invest up to $10 billion and up to $5 billion respectively in Anthropic." Microsoft's Azure is also one of the cloud platforms that sell Claude, and Nvidia GPUs are among the chips Anthropic uses.

Who owns Anthropic after the IPO?

Amazon and Google, the two holders the S-1 names at more than 5%, are on every side of Anthropic's business. The S-1 says 48% of first-half 2026 revenue was sold through cloud marketplaces, which are mainly theirs. They supply the chips and cloud capacity Anthropic runs on. And they hold large non-voting stakes. No other partners carry that much weight. They're also two of the holders whose future sales affect ANT's share supply. Our article on the Anthropic lock-up covers when insiders can sell. For the company's history and backers, see our Anthropic IPO guide.

Key takeaways

• Amazon has put at least $18 billion into Anthropic (notes plus preferred stock). Google agreed to up to $40 billion in March 2026.
• Both hold non-voting Class N shares after the IPO, capped at 12% (Amazon) and 14.99% (Google) by the S-1.
• Class N converts to Class A on sale, so either company selling would add tradable shares to the market.

Sources

• Anthropic, PBC, Form S-1, SEC EDGAR, October 26, 2026
• Amazon, Form 10-Q for the quarter ended June 30, 2026, SEC EDGAR
• Bloomberg, Google plans to invest up to $40 billion in Anthropic, April 24, 2026
• GIC, GIC leads Series G in Anthropic, February 12, 2026
• Anthropic, Microsoft, NVIDIA and Anthropic announce strategic partnerships, November 18, 2025