Google put $10 billion into Anthropic on Friday at a $350 billion valuation, with another $30 billion committed contingent on performance milestones. Total pledge: $40 billion.
The $350 billion valuation matches Anthropic’s February funding round exactly. Google isn’t paying an urgency premium — it’s buying at February’s price in April, which either signals conviction or leverage.
Amazon was already in this race. On April 20, Amazon invested another $5 billion in Anthropic and pledged up to $20 billion more on commercial milestones, stacking on top of $8 billion already deployed. Anthropic committed in return to spend over $100 billion on AWS infrastructure over the next decade, and AWS customers will access the full Claude console from within the platform.
What does Google actually get? The lead asset is Claude, a commercial AI model that Anthropic says more than 100,000 businesses are building on through AWS alone. The April 6 deal Google signed with Anthropic and Broadcom locks in multiple gigawatts of TPU capacity starting in 2027, when Anthropic’s 5GW of Google Cloud capacity is also expected online. CFO Krishna Rao described the pace as “unprecedented growth.”
The $30 billion isn’t locked in. What exactly does Anthropic need to show Google to earn the rest?
Diana Kowalski