San Francisco, April 24, 2026, 14:06 PDT
Google will invest up to $40 billion in Anthropic, putting fresh money behind a company that sells the Claude AI models while also competing with Google in artificial intelligence. The package includes $10 billion in cash now at a $350 billion valuation and as much as $30 billion more if Anthropic hits performance targets.
The timing matters because the AI race has become a race for compute: chips, power and data-center space needed to train models and respond to users. Anthropic’s annual run-rate revenue — current sales counted as if they continue for a year — has topped $30 billion this month, up from about $9 billion at the end of 2025.
The Financial Times reported that Google and Anthropic have a five-year data-center-capacity deal that could be worth about $200 billion, with 5 gigawatts due to come online beginning next year. A gigawatt is roughly power-plant scale, which is why AI investment is now spilling into electricity, land and long-lead infrastructure.
Google also gains a tighter hold on a major customer for its cloud chips. Anthropic earlier this month said it had expanded its use of Google Cloud and TPUs, Google’s custom AI chips, with multiple gigawatts of capacity expected to come online starting in 2027.
Anthropic CFO Krishna Rao called the Google-Broadcom pact the company’s “most significant compute commitment to date.” Anthropic said customers spending more than $1 million annually on Claude had doubled to more than 1,000 in less than two months. Anthropic
The move follows Amazon’s separate push into Anthropic earlier this week. Amazon said it would invest up to $25 billion in the startup as Anthropic agreed to spend more than $100 billion over 10 years on Amazon cloud technology, including its Trainium AI chips.
Amazon CEO Andy Jassy said Anthropic’s use of Trainium reflected “progress we’ve made together on custom silicon.” Anthropic CEO Dario Amodei said the company needed more infrastructure because Claude was becoming more central to how customers work. Anthropic
The competitive line is not neat. Google is backing a model maker that helps fill its cloud infrastructure, but Claude also competes with Google’s Gemini products, especially in coding tools where 9to5Google reported Google has been trying to catch up.
Alphabet shares were up 1.6% at $344.40 in the latest available Friday data. Amazon rose 3.5%, while Broadcom gained 0.7%.
Anthropic raised $30 billion in February at a $380 billion post-money valuation, led by GIC and Coatue. The company said then that the money would fund research, product development and infrastructure expansion.
The risk is execution. The second $30 billion from Google is not automatic, and the performance targets were not detailed. If demand cools, power projects slip or new capacity arrives later than planned, Anthropic could face a heavier infrastructure burden than its revenue ramp can absorb.
For Google, the investment is both a financial bet and a supply-chain move. For Anthropic, it buys more room in a market where the winners may be decided as much by chips and power as by model quality.
