How The Two BIggest Hyperscalers Stand to Benefit From Anthropic’s IPO
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In their second-quarter reports, Amazon (NASDAQ:AMZN | AMZN Price Prediction) and Alphabet (NASDAQ:GOOGL) both booked huge Anthropic gains. Amazon recorded a $53.4 billion non-operating gain, mostly from Anthropic. Alphabet logged $99 billion in unrealized equity gains. Anthropic targets a late-2026 window for its IPO. A listing would benefit each company in different ways.
Trainium Drives AWS While Gemini Drives Google Cloud
AWS revenue reached $42.2 billion, up 36.7%, its fastest growth in 18 quarters. CEO Andy Jassy called Anthropic and OpenAI “the two leading AI labs in the world” and said both have made multi-year, multi-gigawatt commitments to Trainium. Project Rainier runs on more than 500,000 Trainium2 chips for training Claude. The commitment ties Anthropic closely to AWS infrastructure.
Google Cloud grew 82% to $24.77 billion. Anthropic runs workloads on Google TPUs, yet Sundar Pichai promoted Gemini, mentioning that nearly 90% of the Fortune 100 use Gemini Enterprise. Google launched Gemini 4 Argon, a model competing directly with Claude.
| Anthropic Lens | Amazon | Alphabet |
|---|---|---|
| Q2 Equity Gain | $53.4B, mostly Anthropic | $99.03B, includes Anthropic |
| Compute Tie | Trainium, up to 5 GW committed | TPU workloads |
| Claude Relationship | Hosts Claude Opus 5 on Bedrock | Gemini competes head-on |
Amazon Is Anthropic’s Partner. Alphabet Also Competes With It.
Amazon’s chip business has passed a $25 billion run rate and is growing at triple-digit rates. Anthropic is a major proof point for Trainium. Jassy noted there is “a real chance” Amazon will sell Trainium chips outside AWS, and a successful Anthropic IPO would strengthen that sales pitch.
Alphabet’s balance sheet faces pressure. It raised $49.6 billion in equity and suspended buybacks. Long-term debt rose from $46.5 billion to $98.2 billion. A public Anthropic stake would give Alphabet an asset it could eventually sell.
Anthropic’s Public Valuation Could Move Both Earnings Reports
A public price will set a new value for both stakes. Watch whether Anthropic shifts more compute toward TPUs as it grows, and monitor cash burn. Amazon’s trailing free cash flow was -$7.6 billion, and Alphabet’s quarterly figure was -$5.86 billion. IPO gains are paper gains. Data centers are paid for in cash, and the power, cooling, and networking suppliers behind that expansion are a trade of their own (we covered seven of them in a free AI infrastructure report).
Amazon Holds the Deeper Anthropic Link Investors Can’t Ignore
Amazon benefits twice: through the equity mark and through years of contracted Trainium demand. Jassy said the “lion’s share of capacity in 27” is already reserved, with Anthropic accounting for a large part. Alphabet has the bigger paper gain and stronger stock performance, up 38.47% over the past year versus Amazon’s 12.51%. That makes Alphabet the broader AI story and Amazon the company with more direct Anthropic exposure.
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Alex Sirois is a financial writer with experience spanning both retail and institutional investing. He has written for InvestorPlace and held roles at BNY Mellon and Bernstein, giving him a perspective that bridges Main Street portfolios and Wall Street analysis.
Alex holds an MBA from George Washington University and has built his career across multiple industries, including e-commerce, education, and translation — a breadth of experience that informs how he breaks down complex financial topics for everyday investors. His writing is conversational, actionable, and grounded in long-term, buy-and-hold investing principles.
At 247 Wall St., Alex focuses on delivering analysis that is both accessible and useful, with a clear emphasis on helping readers make more informed decisions with their money.
