Anthropic is preparing for an IPO at an estimated $965 billion valuation, and its filings describe an unusual overlap: Amazon and Google are investors and cloud providers while developing competing AI models.

Anthropic has committed to at least $110 billion in AWS purchases over 10 years; Google has cloud agreements worth at least $114 billion through 2033.

The story offers a case study in how AI model competition intersects with cloud infrastructure and long-term commercial commitments.

Anthropic's investors

Traditional investment firms that backed Anthropic from its early days, such as Menlo Ventures and Sequoia, now hold stakes of less than 5%. Despite their seemingly small stakes, Anthropic’s impressive rise in value makes these investments particularly significant.

The Amazon and Google strategy

Amazon has invested a total of about $18 billion in Anthropic, following a complex strategy. This includes $10 billion in non-voting preferred stock, as well as convertible debt.…