Up to $25 billion for one, up to $40 billion for the other: within days of each other, Amazon and Google have pledged record investments in Anthropic.
The first injection stands at $5 billion to start and contemplates another $20 billion to follow. The second provides an initial $10 billion and is weighing a further $30 billion.
These investments are based on a valuation of $350 billion. In other words, the figure Anthropic disclosed in February when it formalized its Series G round (a $30 billion raise).
Links woven in 2023, with Google a few months ahead
These cash injections feed a circular logic: Amazon and Google are also suppliers to Anthropic.
The first step toward Google had been taken in early 2023. Anthropic planned to operate GPU and TPU clusters. It emerged that Google had already taken equity, investing roughly $300 million for around a 10% stake. This amount was likely folded into the Series C round announced a few weeks later ($450 million, Salesforce also entering).
Google returned to the pot in the autumn of 2023. It committed to pouring in up to $2 billion, with $500 million of that sum deployed immediately. A few weeks earlier, Anthropic had knocked on Amazon’s door. Amazon had become its primary cloud provider and decided to invest $4 billion ($1.25 billion upfront; the rest to be unlocked in March 2024). All of this without demanding a seat on the board. In the background, an antitrust investigation by the U.S. competition authority was scrutinizing its ties with Anthropic.
Microsoft and NVIDIA also involved
In 2024, Google was quieter on the financing front. Amazon, meanwhile, signed a fresh $4 billion check. Labeled as the “principal cloud provider,” it added the tag of “principal training partner.” The plan included collaboration with Annapurna Labs (a division arising from an acquisition) on future Trainium chips.
In March 2025, as the Series E financing ($3.5 billion; valuation $61.5 billion, with Cisco among the participants) was announced, documents disclosed to the U.S. justice department in the antitrust case against Google revealed that Google owned 14% of Anthropic. Yet it had neither voting rights nor a seat on the board, and its stake was capped at 15%. There was also talk of a potential additional $750 million investment in convertible debt.
In October 2025, after its Series F round ($13 billion; valuation $183 billion), Anthropic said it would expand its use of Google technologies. This would include “up to 1 million TPUs,” valued at “tens of thousands of dollars.” The immediate objective: bring online “more than 1 GW” of capacity in 2026.
In early November, reports surfaced that Google would like to invest more as part of the upcoming funding round. That round was slated for announcement in February 2026, for $30 billion and a valuation of $350 billion. A portion of the capital was expected to come from NVIDIA and Microsoft. NVIDIA had indicated it would be ready, by late 2025, to inject up to $5 billion. Microsoft, $10 billion, while Anthropic pledged to acquire $30 billion of compute capacity on Azure.
Anthropic does not forget Europe, either
The deal worth $40 billion with Google involves supplying Anthropic with 5 GW of capacity over five years. It sits in the wake of the compute partnership announced in early April, with Broadcom in the loop. Anthropic spoke of bringing several GW of TPU capacity online starting in 2027. The majority of that capacity would be in the United States, where it has committed to investing more than $50 billion to build data centers in New York and Texas with Fluidstack.
The same level of capacity is envisioned under the $25 billion deal with Amazon, including Trainium 2 this quarter, followed by “nearly 1 GW” for the remainder of the year. Anthropic casts its gaze forward ten years, saying it intends to invest “more than $100 billion” in AWS technologies, ranging from Graviton to Trainium, and to expand the footprint of its inference infrastructure in Europe. It also foresees, at an undefined horizon, integrating the “Claude” platform into AWS—on the same account, with the same controls and the same billing.
