Move over, artificial intelligence (AI) -- initial public offering (IPO) mania is taking over Wall Street. Roughly four weeks ago, Elon Musk's Space Exploration Technologies (SpaceX) etched its name in the record books when it debuted, raising $85.7 billion (including the underwriters' overallotment) and nearly tripling Saudi Aramco's capital raise in December 2019.

Anthropic appears to be next. The developer of the Claude large language models is approaching a trillion-dollar valuation in private markets and confidentially filed for an IPO with regulators on June 1. When Anthropic does go public, three of its earliest investors, Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG), Amazon (NASDAQ: AMZN), and Zoom Communications (NASDAQ: ZM), will be sitting on windfall profits.

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Alphabet

Though investors know Alphabet as the brainchild behind globally dominant internet search engine Google, popular streaming platform YouTube, and the world's No. 3 cloud infrastructure services platform Google Cloud, it's also a remarkable early stage investor. For example, the $900 million Google invested in SpaceX in January 2015 is worth approximately $104.6 billion, as of the closing bell on July 2.

Alphabet was also an early investor in Anthropic. It scooped up a 10% stake in the company for $300 million in April 2023 and invested an additional $2 billion in October 2023, with $500 million paid upfront. In April of this year, Alphabet announced a whopping $40 billion add-on investment, with $10 billion upfront and $30 billion dependent on performance milestones.

All told, Alphabet holds a 14% stake in Anthropic that, at a $965 billion private-market valuation, is worth about $135.1 billion.

Amazon

"Magnificent Seven" member Amazon is another juggernaut that Wall Street knows best as a dual-industry leader. Its e-commerce marketplace is globally dominant, and Amazon Web Services (AWS) is the largest cloud infrastructure services platform by total spend.

But Amazon also has incredible investment chops. It initially invested $1.25 billion in Anthropic in September 2023, followed up with a $2.75 billion add-on investment in March 2024, and deployed another $4 billion in November 2024. In April 2026, it agreed to pour another $25 billion in Anthropic, in return for Anthropic spending more than $100 billion on AWS technologies over the next decade.