Anthropic: AI deals, investors and valuation

In the roughly $60 billion package to finance 1.5 GW of Google TPUs for Anthropic, Blackstone funds take $9 billion of the junior tranche with a 10% coupon.

Bank of America, Citi and Morgan Stanley arrange the senior debt (about $42-43.5 billion) of the vehicle buying Google/Broadcom chips for Anthropic; Broadcom guarantees the chips' residual value.

Bloomberg: talks for a second 460 MW Monarch facility; terms not final.

According to Reuters, Nvidia is weighing becoming an anchor investor in Anthropic's IPO, which aims to raise up to $100 billion at a valuation of about $2 trillion. In March Huang had said the 2025 investment would probably be the last.

Four GPU service contracts (Vera Rubin) at the Monarch campus, revealed in Nscale's S-1; Nscale has yet to finance them.

Talks worth about $6 billion for the Israeli inference-efficiency startup; in early September Anthropic withdraws after due diligence.

Anthropic signs four lease contracts for Nexus Data Centers' AI campus in Hubbard, Texas.

Anthropic will install 2 GW of AMD Instinct MI450 GPUs in Helios racks, with the first gigawatt in the first half of 2027.

In exchange for the 2 GW order, AMD commits to a strategic investment of up to $5 billion in Anthropic.

Multi-year supply agreement for Micron memory and storage (HBM, DRAM, SSD) for Anthropic's infrastructure.

Alongside the supply contract, Micron joins Anthropic's $65 billion round.

Google guarantees the lease payments on five data centers (including Cipher in Texas and Hut 8 in Louisiana) where Anthropic rents chips: effectively a $35 billion loan to Anthropic.

Led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. Anthropic overtakes OpenAI ($852 billion) as the most valuable AI startup.

Anthropic takes all of Colossus 1's capacity in Memphis (over 300 MW, 220,000+ Nvidia GPUs). SpaceX's S-1 filing indicates $1.25 billion a month through May 2029, over $40 billion in total.

According to The Information, a $200 billion commitment over 5 years for cloud and TPUs, more than 40% of Google Cloud's backlog. Not officially confirmed.

Alphabet puts in $10 billion immediately (reported valuation $350 billion) and up to $30 billion more tied to performance targets.

$5 billion immediately (at a $380 billion valuation) and up to $20 billion tied to commercial milestones, on top of the $8 billion already invested.

In exchange for Amazon's investment, Anthropic commits to spend over $100 billion on AWS over 10 years, up to 5 GW (Trainium2/3).

Multi-year GPU cloud agreement to support Claude, capacity arriving in 2026; value not disclosed.

Google-Broadcom-Anthropic deal: about 3.5 GW of TPUs from 2027, on top of ~1 GW already in 2026. Mizuho estimates $21 billion of Broadcom revenue from Anthropic in 2026.

Led by GIC and Coatue; co-led by D.E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ and MGX. Microsoft and Nvidia also participate (part of their November 2025 commitments).

Hock Tan reveals that the mystery $10 billion customer is Anthropic, which added another $11 billion order of Ironwood TPU racks delivered in 2026.

Part of the three-way deal with Nvidia (up to $10 billion, covered elsewhere). Claude comes to Microsoft Foundry and Copilot.

Counterpart to the Nvidia-Microsoft investment: Anthropic commits to buy $30 billion of Azure compute, with additional capacity of up to 1 GW.

Three-way deal with Microsoft (up to $5 billion): Anthropic adopts Nvidia systems for the first time, up to 1 GW. Part of the funds went into the $30 billion Series G of February 2026.

In the three-way deal with Microsoft, Anthropic commits to up to 1 GW of capacity on Grace Blackwell and Vera Rubin, in exchange for Nvidia's $10 billion.

Custom data centers in Texas and New York built by Fluidstack, online during 2026; more sites planned.

AWS activates Project Rainier, a cluster of about 500,000 Trainium2 chips dedicated to Anthropic, which aims for over 1 million chips by end-2025.

Expansion on Google Cloud with up to 1 million TPUs and over 1 GW of capacity in 2026; value put at tens of billions.

Led by ICONIQ, co-led by Fidelity and Lightspeed Venture Partners. Valuation $183 billion post-money.

Round led by Lightspeed Venture Partners at $61.5 billion post-money.

Google adds about $1 billion to its stake in Anthropic, on top of the earlier $2 billion.

Second $4 billion investment; Anthropic picks AWS as primary training partner and Trainium chips.

Google commits to invest up to $2 billion in Anthropic, $500 million upfront and the rest over time.

Amazon's first investment in Anthropic: $1.25 billion upfront and $2.75 billion completed in March 2024. AWS becomes primary cloud provider.