Indirect exposure
Do you already own Anthropic without knowing it?
If you hold Amazon or Alphabet shares you already own a slice of Anthropic — this page turns your share counts into a dollar figure at both the priced and the discussed valuation.
Do you already own Anthropic through Amazon or Alphabet?
You cannot buy Anthropic shares, but you can own a listed company that holds them, and your slice of that stake is your indirect exposure. Your shares divided by the holder's shares outstanding gives your fraction of the company; multiply that by the holder's reported Anthropic stake and by a valuation for Anthropic and you have the exposure. Nothing about it is a claim on Anthropic itself: it is a fraction of a fraction of a private position that the market may already price differently.
Calculate your exposure
PRICED · $965B last round
Enter an AMZN or GOOGL share count above and the figure appears here.
Your shares × last close ÷ market capitalisation × reported ownership stake × the $965B last priced round. Share prices and market caps · Reported ownership stakes
DISCUSSED · $2T IPO talk
Enter an AMZN or GOOGL share count above and the figure appears here.
Your shares × last close ÷ market capitalisation × reported ownership stake × the $2T discussed IPO valuation. Share prices and market caps · Reported ownership stakes
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https://anthropicvaluation.com/indirect-exposure
What assumptions does this use?
Four inputs drive the result: the share prices and market capitalisations we poll daily, the reported ownership stakes of Amazon and Alphabet, and the valuation applied to Anthropic — either the $965 billion last priced round or the $2 trillion figure discussed for the listing.
$254.76 last close on 2026-10-15 × 10.79B shares outstanding stated in the 10-Q filed 2026-07-31.
GOOGL, GOOG and Class B shares do not trade at identical prices; one price is applied to all classes.
$349.22 last close on 2026-10-15 × 12.23B shares outstanding stated in the 10-Q filed 2026-07-23.
Class A, B and C combined.
Closed 28 May 2026, led by Altimeter, Dragoneer, Greenoaks and Sequoia.
Financial Times, 14 Aug 2026 — paywalled, link pending. Investors' own modelling, not a company target: the FT reports executives have set no valuation target, even privately.
- Prices are the last close, polled once a day. When a figure has not been re-checked within seven days it is flagged unverified on this page rather than quietly reused.
- Market capitalisation is our own arithmetic: last close × shares outstanding from the cover of the holder's latest SEC periodic report. It carries no news source.
- Dilution: every round after the last priced one reduces the stake, and the stake percentages in circulation are reported, not filed.
- Liquidation preferences and share class terms are not public, so the stake is valued as if it were common equity. It may not be.
- Tax inside the holding company, and any holding-company discount, are ignored.
Why is the exposure a range and not a number?
Because no exact stake is public. Alphabet's holding was reported at about 14 percent from court documents describing an early-2025 position, and Amazon has never disclosed a percentage at all; the figures in circulation are reported estimates. The first authoritative holdings appear in the principal stockholders table of the public S-1S-1The public registration statement containing financials, risk factors and the principal stockholders table.No public Anthropic S-1 exists on EDGAR. Until one appears, every financial detail in circulation is second-hand.FULL DEFINITION →, and until then any single number would be false precision.
Reported estimate, not a filed figure. Amazon has never disclosed a percentage.
Reported estimate, not a filed figure. Amazon has never disclosed a percentage.
The 14 percent figure comes from court documents describing an early-2025 position. Alphabet has never filed a percentage.
Upper end assumes the April 2026 $10 billion investment at a $350 billion valuation added to the reported early-2025 position, before later dilution.
No filing states an exact percentage for either holder — that is the cap table's subject, and the register is kept there.
WHO OWNS ANTHROPIC — REPORTED SHAREHOLDERS →Why is the exposure so small?
Because the stake is small relative to the holder: a stake worth a few hundred billion dollars inside a multi-trillion-dollar company is a few percent of what you own. The rest of your holding is the holder's own business, which is what actually moves your position day to day.
On the last priced round, roughly 5.3–7.4% of Amazon and 3.2–3.8% of Alphabet is the Anthropic stake. Whatever you hold, that is the share of it looking through to Anthropic; the rest is the holder's own business, which is what actually moves your position.
One email the minute the S-1 hits EDGAR.
NO TRACKING · ONE-CLICK DELETE · PURPOSE: S-1 NOTIFICATION
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