- Amazon and Alphabet are two of Anthropic’s biggest investors
- Zoom could get back on investors’ radar thanks to its stake in Anthropic
- List of investment trusts with positions in the AI group
- Why investors often seek exposure to specific companies ahead of an IPO rather than waiting for the stock market flotation
- Investors need to base their decisions on these companies and trusts’ broader interests rather than purely on Anthropic
Dan Coatsworth, head of markets at AJ Bell, comments:
“SpaceX’s big share price gains in its first few days of being on the stock market have shown what blockbuster IPOs are capable of. The attention now turns to AI giant Anthropic, and investors are asking how they can get exposure before the Claude owner’s rumoured stock market debut in October.
“Not all big-name IPOs enjoy early success, and Shein’s recent IPO disappointment is an important reminder that much-hyped stock market debuts don’t always go to plan. However, research by AJ Bell found the 10 largest IPOs in history saw a 12.1% average gain when their shares began public trading versus their IPO offer price. There is often huge demand for high-profile shares, and that can drive up the price when the stock hits the market.
“Anthropic is rumoured to be raising up to $100 billion as part of its stock market listing, which implies there will be plenty of new shares for those who want to apply for them in the IPO offer. SpaceX also raised a hefty $85.7 billion at its IPO but still saw significant demand for shares when they began trading on the market.
“Anthropic was valued at $965 billion at its last fundraising (May 2026), yet there are suggestions its public stock listing could boost that valuation to as much as $2 trillion. Many investors who have cottoned on to this potential valuation bump may want to get in now, not later.
"There are several ways to get investment exposure to Anthropic ahead of its stock market listing. Alphabet and Amazon own sizeable stakes in the AI group; various investment trusts have positions in the group; and there are a few other listed names who are investors.
“In all cases, the stake in Anthropic sits alongside additional assets and/or business interests which means that investors must consider the bigger picture and not simply focus on the AI-related investment.”
Source: AJ Bell, LSEG, Bloomberg, Google.
Shares with exposure to Anthropic
Amazon
“Buying shares in Amazon provides a front-row seat to the Anthropic IPO as the tech group is a key investor.
“Amazon’s investments in Anthropic now have a $190 billion carrying value, equivalent to nearly 7% of the retail-to-cloud giant’s market value.
“The mega cap tech firm first bought a slice of the AI group back in 2023, with a $1.25 billion investment. It made an additional $2.75 investment in 2024 as part of a strategic collaboration whereby Amazon became the AI group’s main cloud provider for mission critical workloads, while Anthropic committed to use Amazon’s chips to build, train and deploy AI models.
“Amazon then doubled down with another $4 billion stake in 2024, followed by a further $5 billion in April 2026 and the potential for an additional $20 billion investment in the future as part of a big infrastructure deal. It’s fair to say the two companies are intertwined and not simply passive associates.
“AI fans should note that Amazon also owns 5% of ChatGPT-owner OpenAI, which is expected to float on the stock market next year.”
Alphabet
“Alphabet’s stake in Anthropic is potentially worth more than Amazon’s, but it is less significant as a proportion of the Google-owner’s market value.
“Alphabet disclosed a $124 billion valuation as of 30 June for non-marketable equity holdings (i.e. private holdings), which is equivalent to 3% of its market value. It is thought that Anthropic accounts for much of the $124 billion amount.
“The rationale for the partnership is similar to Amazon’s: Alphabet has invested heavily in exchange for Anthropic using its Google cloud services and custom chips.
“It’s possible that Alphabet’s shares could be in demand leading up to Anthropic’s IPO, yet it’s important to consider other factors. For example, market concerns about three potential US interest rate hikes this year could act as a headwind for tech stocks, including Alphabet’s shares.”
Zoom Communications
“Zoom was a pandemic winner as the public embraced video conferencing systems to stay in touch with friends and family. Sadly, Zoom’s 15 minutes of fame was quickly over as its popularity was soon eclipsed by Microsoft Teams and people returning to work in the office.
“A lot of people might have thought the company was slowly fading into the distance, but a savvy investment in Anthropic might give it a second wind. Zoom has a $3.13 billion stake in the AI company, which is equal to 11% of the communication group’s entire market value. Therefore, any future valuation uplift in Anthropic could move the dial for Zoom’s share price.”
Other shares
“Microsoft and Nvidia have stakes in Anthropic but are minority stakeholders relative to Alphabet and Amazon. London-listed investment group Shaires has indirect exposure to Anthropic via an investment in a special purpose vehicle.”
Investment trusts with exposure to Anthropic
“Investment trusts often hold stakes in privately-owned companies, and there are five names that invest in Anthropic*.
“The positions held by Pantheon International and RIT Capital Partners won’t move the needle if Anthropic enjoys a valuation bump at IPO, given that their stakes are tiny in comparison to their overall portfolios. Instead, there are three names with more meaningful positions on a relative basis.
“Baillie Gifford US Growth has 6.1% of its assets directly held in Anthropic and a bit more indirectly via its stakes in Amazon (4.1% of its portfolio) and Nvidia (6.4% of its portfolio). Investors should note that SpaceX accounts nearly one fifth of the trust’s total assets, which means what Elon Musk is doing with rockets and AI could have a bigger influence on the trust’s share price than Anthropic in the near term. The trust is also battling activist investor Saba which wants to shake up the board of directors.
“Schiehallion has 5.9% of its portfolio invested in Anthropic, although that position is dwarfed by 10.1% of assets being held in SpaceX and 17.3% of assets in Bending Spoons, the recently floated conglomerate that invests in tech turnaround stories.
“It shouldn’t be a surprise that Scottish Mortgage has a stake in Anthropic given its reputation for trying to identify tomorrow’s market winners. The fact only 2.8% of its portfolio is allocated to the AI group means any major valuation uplift on IPO might only have a minimal boost to its net asset value and share price.”
*Source: Trust factsheets showing latest available holdings, as of 2 September 2026.