Anthropic IPO may lift Alphabet and Amazon through stake value and cloud demand
Scotiabank estimates Anthropic stakes could equal about 5% of Alphabet's stock value and nearly 10% of Amazon's, and flags heavy cloud reliance.
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what happened
Scotiabank says a public listing for Anthropic, the AI startup nearing its market debut, would convert sizable private holdings of Alphabet and Amazon into tradable value, according to Reuters. At a $1.5 trillion valuation, the brokerage puts Alphabet's share at roughly $16 per share, about 5% of its market value, and Amazon's at around $27 per share, close to 10%. It sees Amazon gaining more from its stake.
Expectations for the debut have cooled, however. Reuters reported that some investors at Anthropic's investor day talked about a valuation near $1.5 trillion, versus earlier hopes of about $2 trillion, after slower third-quarter revenue growth. The company said quarterly revenue climbed 45% sequentially to $16.8 billion and that it posted an adjusted profit.
The bigger exposure may be commercial. Anthropic has reportedly committed around $111 billion to Google Cloud and about $110 billion to AWS, which together represent roughly 22% of each unit's disclosed backlog.
why it matters
For markets, the key question is how dependent Alphabet and Amazon cloud growth has become on a single AI customer. Large reported commitments mean future revenue at both cloud units hinges on Anthropic, tying their outlook to the startup's growth and funding path.
market impact
Alphabet, Amazon: stake value from an Anthropic IPO and cloud backlog tied to the startup affect both shares
tags
instruments
sources
- Anthropic's IPO could mint AI fortunes for Alphabet, Amazon — Reuters, 20 October 2026 at 14:33 UTC
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