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How The Two BIggest Hyperscalers Stand to Benefit From Anthropic’s IPO

Amazon and Alphabet both booked staggering Anthropic gains last quarter, yet the two hyperscalers are playing completely different games with the AI company heading toward a public listing.

By Alex Sirois
Published October 2, 2026, 7:45am ET · 2 min read

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A close-up photograph shows a person's hand, wearing a gold ring, tapping a glowing 'IPO' hexagon on a holographic digital interface. The hand is clad in a gray suit jacket. Surrounding the central IPO icon are other white hexagonal icons, including a group of people, a fluctuating line graph, stacked coins with a dollar sign, an upward-trending bar graph, a document with a pencil, and a DNA helix. The background is a dark blue with faint numerical overlays and a global map pattern, creating a high-tech, financial, and forward-looking atmosphere.
A glowing holographic interface centered around 'IPO' symbols visualizes the digital journey of a company like Apnimed as it prepares for its initial public offering and enters the public market. © Chunumunu / iStock via Getty Images

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

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.

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