TLDR
- Google’s parent Alphabet confirmed a deal to invest up to $40 billion in Anthropic
- An initial $10 billion is being deployed now at a $380 billion Anthropic valuation
- The remaining $30 billion depends on Anthropic hitting performance milestones
- Amazon struck a similar deal just weeks prior, committing up to $25 billion in Anthropic
- Anthropic’s annualized revenue has surpassed $30 billion, up from $9 billion at end of 2025
Google is doubling down on AI. Alphabet confirmed Friday it plans to invest up to $40 billion in Anthropic, expanding a partnership that dates back to 2023.
Google $GOOGL plans to invest up to $40 billion in Anthropic, including an initial $10 billion cash commitment, with another $30 billion tied to performance targets. The deal also includes at least 5 GW of compute capacity for Anthropic. pic.twitter.com/yxtt5Dq0H8
— Wall St Engine (@wallstengine) April 24, 2026
The deal starts with $10 billion in cash, invested now at Anthropic’s $380 billion valuation. The remaining $30 billion is tied to performance milestones and will support a major build-out of Anthropic’s computing capacity.
Google first backed Anthropic in 2023 with a $300 million investment for roughly a 10% stake. It followed that with another $2 billion shortly after. Before Friday’s announcement, Google had already put in over $3 billion and held around a 14% stake in the company.
The relationship has always had a competitive edge. Google’s Gemini models go head-to-head with Anthropic’s Claude in the enterprise AI market, even as Google provides cloud infrastructure to help Claude run.
A Busy Few Weeks for Anthropic
This deal comes just weeks after Amazon announced it would invest up to $25 billion in Anthropic. Amazon put in $5 billion upfront, with the rest tied to commercial milestones. Together, the two commitments represent a potential $65 billion in backing from two of the world’s biggest tech companies.
Anthropic has been moving fast to keep up with demand. The company struck a compute deal with Google and Broadcom earlier this month, securing 5 gigawatts of AI capacity set to come online next year. It also signed a multi-year deal with cloud firm CoreWeave and is on track to secure nearly 1 gigawatt of capacity through Amazon’s chips by year-end.
CEO Dario Amodei has been direct about the pressure. “Our users tell us Claude is increasingly essential to how they work, and we need to build the infrastructure to keep pace with rapidly growing demand,” he said when the Amazon deal was announced.
Anthropic’s annualized revenue crossed $30 billion this month. That’s up from around $9 billion at the end of 2025 — a sharp climb driven largely by the success of Claude Code, its AI coding assistant, which has built a large enterprise customer base.
Valuation on the Move
Anthropic raised $30 billion in a funding round in February, valuing the company at $380 billion post-money. Venture capital interest has pushed reported offers even higher, with some valuations cited at up to $800 billion.
Friday’s deal with Google is based on that same $380 billion figure for the initial $10 billion tranche.
Google provides Anthropic’s Claude models through its cloud division, competing directly with Amazon Web Services and Microsoft Azure for that business. It also offers its own custom chips — tensor processing units, or TPUs — as an alternative to Nvidia GPUs.
Anthropic was founded in 2021 by former OpenAI researchers. Its Claude family of models has seen rapid adoption across enterprise and developer customers. The company currently has over 100,000 developers building on AWS alone.
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