Anthropic’s upcoming initial public offering will be one of the most closely watched artificial intelligence (AI) listings on Wall Street. According to Reuters, the company has confidentially filed for an IPO in the U.S., after raising $65 billion in funding at a valuation near $965 billion in May.
With its annualized revenue reportedly reaching $47 billion as of early May and demand for enterprise AI tools continuing to grow, some investors may be looking to get portfolio exposure to the fast-growing AI company before it goes public. Here are three possible ways to get it.
Image source: Getty Images.
Alphabet
Alphabet (GOOG +0.87%) (GOOGL +0.77%) may be one of the more balanced ways to get indirect exposure to Anthropic. The tech giant is both a strategic investor in Anthropic and a key infrastructure partner of it. According to Reuters, Alphabet has committed to invest up to $40 billion in Anthropic, including $10 billion in cash at a $350 billion valuation and another $30 billion tied to performance targets. The New York Times also reported in 2025, citing court documents, that Alphabet owned about 14% of Anthropic.
Today’s Change
(0.77%) $2.84
Current Price
$372.19
Key Data Points
Market Cap
$4.5T
Day’s Range
$367.05 – $375.95
52wk Range
$162.00 – $408.61
Volume
627.1K
Avg Vol
29.5M
Gross Margin
60.43%
Dividend Yield
0.23%
Anthropic has also reportedly committed to spend $200 billion over five years on Google Cloud services and chips. So Alphabet is well positioned to benefit from the increasing demand for compute capacity as Claude’s ecosystem scales. Google Cloud exited the first quarter with a backlog of $462 billion, driven by strong demand for enterprise AI offerings.
Alphabet’s full-stack AI platform, which includes TPUs (Tensor Processing Units), Axion CPUs, Nvidia GPUs, over 30 data centers, more than 40 cloud regions, and 10 million kilometers of terrestrial and subsea fiber, has further strengthened its role as an Anthropic partner. The company also expects fiscal 2026 capex to land in the range of $180 billion to $190 billion, with most of that going into technical infrastructure. Management also expects another significant increase in capex in fiscal 2027.
However, Alphabet is not a direct proxy for Anthropic. The company’s Gemini family of models directly competes with Claude. Additionally, Alphabet’s share price continues to be driven mainly by Google Search, YouTube, Google Cloud execution, AI capex, and regulatory risk. That makes Alphabet less of a direct Anthropic play and more of a broad AI leader with extra upside from its Anthropic investment and cloud partnership.
Amazon
Amazon (AMZN +0.09%) is another smart way to gain indirect exposure to Anthropic. According to Reuters, Amazon will invest up to $25 billion in Anthropic, including $5 billion up front and another $20 billion tied to the company meeting commercial milestones. Amazon had previously invested $8 billion in Anthropic, bringing its potential total cash commitment to $33 billion.
Today’s Change
(0.09%) $0.21
Current Price
$246.23
Key Data Points
Market Cap
$2.6T
Day’s Range
$245.46 – $249.50
52wk Range
$196.00 – $278.56
Volume
1.1M
Avg Vol
44.6M
Gross Margin
50.60%
The stake already appears to be financially significant. In February, Business Insider reported that Amazon’s $8 billion Anthropic investment had increased in fair value to $60.6 billion, based on the company’s disclosed $45.8 billion of convertible notes and $14.8 billion of nonvoting preferred stock in the AI start-up.
Additionally, Anthropic has planned to spend nearly $100 billion over the next decade on AWS technologies. The Claude developer plans to secure up to 5 gigawatts of compute capacity, supported by current and future generations of Trainium chips and Graviton CPUs, to train and power its advanced AI models. The partnership also strengthens AWS’ AI platform, with more than 100,000 customers already running Claude models on AWS. So Amazon stands to benefit not only from potential appreciation in its equity stake but also as a long-term supplier of compute capacity to one of the fastest-growing AI model companies.
However, Amazon is not a direct alternative to Anthropic. The company’s stock price movement is mostly driven by AWS growth, retail and advertising margins, logistics efficiency, AI capex, and overall consumer demand. Still, Amazon’s large financial stake in the company and its operating partnerships with it make it a smart way to get exposure.
Salesforce
Salesforce (CRM 2.01%) is both an Anthropic investor and an enterprise software partner of the company, embedding Claude models into its own AI platform. Salesforce Ventures first invested in Anthropic in 2023 and continued backing the company through later funding rounds. Reuters recently reported that Salesforce’s Anthropic stake is valued at around $5 billion.
Today’s Change
(-2.01%) $-3.31
Current Price
$161.24
Key Data Points
Market Cap
$135B
Day’s Range
$160.50 – $166.28
52wk Range
$160.50 – $276.80
Volume
338K
Avg Vol
13.9M
Gross Margin
75.12%
Dividend Yield
1.29%
Salesforce also deepened its Anthropic partnership in October by integrating Claude models into Agentforce 360, its AI platform for enterprise automation.
Anthropic is also a major customer of Salesforce, using Slack as a core operating system and Sales Cloud as an important part of its commercial workflow. Anthropic’s Slack usage increased fivefold through the first quarter, highlighting the strong operational relationship.
Salesforce’s share price is mainly driven by CRM demand, Agentforce adoption, Slack monetization, and enterprise software spending. It also faces disruption risk if AI agents from Anthropic, OpenAI, or other companies reduce the need for traditional software.
Despite these challenges, Salesforce remains a credible public market way to participate in Anthropic’s enterprise AI momentum.
