The Information reported that Amazon and Google win big from Anthropic’s IPO. Anthropic’s amended S-1 of 10 November shows how big for Google: it will hold 1,789,598,269 Class N shares after the listing, worth $132.4 billion at the $74.00 midpoint of the price range, by our arithmetic.
Against the $33.3 billion of Google money the filing itemises, that is 4.0 times the cash. Across the $70.00 to $78.00 range the position is worth $125.8 billion to $139.0 billion, 3.8 to 4.2 times, by our arithmetic. These are values at the range, not a trading price.
Business Pill · Concentration Explained
A short explainer on concentration. It teaches the general idea only and does not discuss Anthropic or Google.
The key insight:Google’s 1,789,598,269 Class N shares are worth $132.4 billion at the $74.00 midpoint, 4.0 times the $33.3 billion the filing itemises, by our arithmetic. Amazon’s position is worth 14.3 times its $18.0 billion at the same price, as we reported; $30.0 billion of Google’s money comes from 2026 deals.
The filing’s notes list five pieces. Under a 2023 agreement Google bought convertible notes in three tranches: $500 million in September 2023, $750 million in September 2024 and $750 million in September 2025. A 2024 agreement added a note of approximately $1.3 billion. All of those notes have since converted into non-voting preferred stock.
In March 2026 Google bought 38.6 million shares of Series G-2 preferred for approximately $10.0 billion, and in May it invested $10.0 billion in the Series H financing. Google has also agreed to buy $10.0 billion of Class N stock at the IPO price in the private placement alongside the offering.
That is $33.3 billion in total, and $23.3 billion before the placement, by our arithmetic. The tally covers the agreements the filing describes; if Google bought shares in other funding rounds, those shares are in its count but not in the $33.3 billion, and the multiple would be lower.
Cash invested in Anthropic by Google (our tally of the agreements in Anthropic’s S-1/A, including the $10.0 billion IPO placement) and by Amazon (its 10-Q), against the value of each position at the $74.00 midpoint of the $70.00-$78.00 price range. Values are our arithmetic, not a trading price.Google’s investments in Anthropic by agreement, as itemised in Anthropic’s S-1/A of 10 November 2026 (the 2024 note is “approximately $1.3 billion” and the G-2 purchase “approximately $10.0 billion”). The $33.3 billion total is our arithmetic.
What Google Will Hold
Google is not in the filing’s principal stockholders table. That table covers voting stock, and Class N “is not entitled to vote on any matter that is submitted to a vote of stockholders, except as otherwise required by law”. The share counts sit in a risk factor instead: “Amazon and Google will hold 1,920,511,218 and 1,654,463,134 shares of our Class N common stock” immediately before the offering, it says.
After the placement, Google will hold 1,789,598,269 shares at the $74.00 midpoint, the filing says. The placement count moves with the price: $10.0 billion buys “135,135,135 shares of our Class N common stock” at $74.00, the filing says, and about 142.9 million at $70.00 or 128.2 million at $78.00, by our arithmetic.
The Position at the Range
The 1,654,463,134 shares Google holds before the placement are worth $115.8 billion at $70.00, $122.4 billion at $74.00 and $129.0 billion at $78.00, by our arithmetic. Against the $23.3 billion paid for them, that is 5.0, 5.3 and 5.5 times.
The placement shares are bought at the IPO price, so they are worth $10.0 billion wherever in the range it lands. Adding them gives $125.8 billion, $132.4 billion and $139.0 billion for the whole position: 3.8, 4.0 and 4.2 times the $33.3 billion.
How Big a Stake: 13.7% or 10.2%
The answer depends on the count. On the share totals the filing uses for its ownership table, 13,086,672,591 shares will be outstanding after the offering and placement, and Google’s 1,789,598,269 are 13.7% of them, by our arithmetic. Amazon’s 1,920,511,218 are 14.7%.
Add the 1,563,617,444 shares inside Amazon’s rollover notes and the 2.85 billion shares under options and RSUs the filing lists, and the count reaches 17,498,334,025. On that basis Google holds 10.2% and Amazon 19.9%, by our arithmetic.
Google has a ceiling of its own. Further issuances under its 2026 agreement are limited where they would take Google above “14.99% of our outstanding capitalization on a post-money, as-converted basis”, calculated under that agreement’s terms. Our 13.7% uses a different basis, so it does not show how close Google is to that cap.
Google Against Amazon
Amazon put in less and holds more. As we reported on 10 November, its $18.0 billion converts to 3,484,128,662 Class N shares, worth $243.9 billion to $271.8 billion across the range, 13.5 to 15.1 times. Google’s $33.3 billion buys about half as many shares, worth 3.8 to 4.2 times.
As we read the filings, part of the difference is price. Amazon’s $8.0 billion of notes, bought from 2023 to 2025, convert into 1,840,444,962 shares, more than Google’s whole position, as our earlier piece shows. By contrast, $30.0 billion of Google’s $33.3 billion comes from three 2026 deals: the G-2 shares at $259.1364 each in March, the Series H round in May and the placement at the IPO price, agreed on 10 November.
Google also keeps a credit line open. Its 2026 agreement allowed up to $30.0 billion of notes or non-voting stock through 2030; the Series H investment cut that to $20.0 billion, and exercising the placement option cuts it “from $20.0 billion to $10.0 billion”, the filing says.
The Structural Read
As we read the filing, Google’s position is mostly a 2026 position: $30.0 billion of its $33.3 billion comes from deals struck this year, at $259.1364 a share for the G-2 stock and at the IPO price for the placement, so its multiple is a fraction of Amazon’s even though its dollar gain is large.
As we read the counts, the size of the stake depends on the denominator: 13.7% of the shares outstanding after the offering, or 10.2% once Amazon’s rollover shares, options and RSUs are added, by our arithmetic; the filing itself does not state a percentage for Google.
Anthropic S-1/A, 10 Nov 2026
“Although our Class N common stock is non-voting, their holdings represent a significant economic interest in our company”
Three Implications
FOR GOOGLE At the $74.00 midpoint its position is worth $132.4 billion against $33.3 billion in, by our arithmetic, with $10.0 billion of its 2026 credit line left after the placement, the filing says.
FOR IPO BUYERSGoogle’s Class N shares carry no vote, but they convert to Class A on a sale to an unaffiliated third party, and the placement shares are registrable for resale under Google’s registration rights agreement, the filing says.
FOR ANTHROPICGoogle’s $10.0 billion placement adds 135,135,135 Class N shares at $74.00, part of the $26.0 billion placement that carries no underwriting discount, the filing says.
The framework reads: “the capex race is no longer a corporate spending cycle. It is a sovereign-scale financing problem dressed in tech-company clothing”
As we read it, Google’s Anthropic position is one ledger of that financing: $33.3 billion of notes, preferred stock and placement cash in, by our tally of the filing, and 1.79 billion non-voting shares out. The framework predates the filing and does not discuss it.
What Is Not Established
The $70.00 to $78.00 range is an estimate, not a price at which the shares have traded, and the final placement count depends on the IPO price. Our values ignore any lock-up and any discount for selling a large block. We could read only the headline of The Information’s article, not its figures or its basis. Earlier: who owns Anthropic.
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Google’s $33.3 billion in Anthropic, by our tally of the filing, becomes 1,789,598,269 Class N shares worth $132.4 billion at the $74.00 midpoint, 4.0 times the cash, by our arithmetic. Amazon’s $18.0 billion is worth about twice as much; its notes from 2023 to 2025 alone convert into more shares than Google holds.
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A note on sourcing. Share counts, investment amounts and agreement terms are from Anthropic’s Form S-1/A (Amendment No. 2) filed with the SEC on 10 November 2026, read in its risk factors, liquidity, offering and principal stockholders sections and the notes to its financialstatements. Amazon’s figures are from our 10 November piece, based on the same filing and Amazon’s Q3 2026 10-Q. The $33.3 billion tally, values at the range, multiples and ownership percentages are our arithmetic. We read only the headline of The Information’s report. We did not contact Anthropic, Google or Amazon for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
