Overview
Anthropic is a San Francisco-based AI company founded in 2021 by Dario and Daniela Amodei and nine other former OpenAI researchers. It is structured as a Delaware Public Benefit Corporation (PBC), which legally requires the board to weigh public benefit alongside shareholder returns. That structure matters for how the company presents itself — but the equity table tells a different story about who holds the real leverage.[1][2][3][4]
By February 2026, Anthropic had closed a $30 billion Series G funding round at a $380 billion post-money valuation, the second-largest private tech financing in history. Its annualised revenue run rate is $14 billion, rising from approximately $10 billion the previous year, with 80–86% of that revenue coming from enterprise and B2B customers.[5][6][7][8]
Who Put the Money In
The Founders
Dario Amodei (CEO) and Daniela Amodei (President) hold the largest individual equity blocks among the seven co-founders. After multiple dilutive funding rounds, Forbes estimated each of the seven co-founders is worth approximately $7 billion following the Series G close — up from roughly half that before. A January 2025 cap-table review estimated each co-founder still owned more than 2% of the company, down from over 6% each in 2023. Exact percentages are not public.[9][4][^10]
Anthropic ran its first staff share buyback in May 2025 at a $61.5 billion valuation, allowing eligible employees to sell up to 20% of their holdings, indicating that non-founder employees also hold a meaningful collective stake.[^9]
Amazon: The Structural Partner
Amazon is the single largest investor and, more importantly, the structural dependency on which Anthropic's entire compute operation rests.
Committed capital: $8 billion invested across 2023–2025, comprising $1.25 billion in September 2023 and $2.75 billion in March 2024. In April 2026, Amazon announced a further commitment of up to $25 billion: $5 billion immediately, with up to $20 billion contingent on "specific commercial milestones".[12][^13]
11][
Equity stake: Amazon's 2025 SEC filings valued its Anthropic stake at roughly $13.8 billion after part of the investment converted from notes to equity. Estimated ownership sits in the 15–19% range, though Amazon holds non-voting equity and has no board seat.[9]
13][
Cloud lock-in: Anthropic has committed to spend over $100 billion on AWS services over the next decade, covering cloud infrastructure and Trainium AI chips. Anthropic will use Amazon's Trainium chips as its primary compute for training and has secured up to 5 gigawatts of capacity under the expanded deal.[15][^11]
14][
Defence nexus: Claude was the only frontier AI model available on classified Pentagon military networks, and a key reason was specifically that Anthropic's tools were the easiest to deploy on cloud networks powered by AWS — the leading cloud provider to the Department of Defence's Joint Warfighting Cloud Capability.[^16]
The relationship is not a passive investment. Amazon is Anthropic's landlord, its chip supplier, and its primary route to enterprise customers via AWS Bedrock. Revenue flows in both directions: customers access Claude through AWS Marketplace, and Anthropic pays AWS for compute. The two companies are financially entangled in a way that makes "independence" structurally difficult.[17][14]
Google: 14% and No Voting Rights
Google holds a confirmed 14% equity stake in Anthropic, disclosed in legal filings submitted as part of Google's antitrust trial. Google is capped at a maximum of 15% ownership and holds no voting rights, no board seat, and no observer rights. Total investment exceeds $3 billion, with a further $750 million convertible note agreed in 2023 for drawdown in September 2025. Google can also deploy Claude on its Vertex AI cloud platform.[18][15]
The US Department of Justice's original November 2024 antitrust remedy proposal would have required Google to divest its Anthropic stake entirely. Anthropic itself filed court papers opposing the proposal, arguing that without Google's investment, "the AI frontier would be dominated by only the largest tech giants" — a notable position for a company whose primary large-tech investors are, by market cap, the largest tech giants on earth.[19][20]
Microsoft and NVIDIA
Both Microsoft and NVIDIA participated in Anthropic's funding rounds, with their investments incorporated into the Series G. NVIDIA committed up to $10 billion and Microsoft up to $5 billion in a jointly announced November 2025 deal. Claude is available on Microsoft Azure Foundry, making Anthropic the only frontier AI model available across all three major cloud platforms: AWS, Google Cloud, and Azure.[21][6][15][5]
Founders Fund (Peter Thiel)