Google And Amazon Book Billions In Profit On Paper After Anthropic Valuation Jumps

AI isn’t just changing products and user experiences anymore—it’s reshaping balance sheets at the world’s biggest tech companies. Alphabet and Amazon both just reported huge boosts to quarterly profit thanks to one thing: the rising value of their stakes in Anthropic, the company behind Claude. These aren’t realised cash profits. They’re paper gains driven by how private company valuations get marked up in financial reporting. But the numbers still matter. 

Alphabet booked $10.7 billion in net gains on equity securities. Amazon booked a $9.5 billion pre-tax gain from its Anthropic investment. AI bets that were once framed as “long-term strategic partnership investments” are now visibly impacting quarterly earnings reports.

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Google’s Anthropic stake

Google has invested roughly $3 billion so far — $2 billion last year plus another $1 billion earlier this year.

This month Google Cloud also signed a major infrastructure agreement with Anthropic: 1 million specialised AI chips starting in 2026.

This alone is worth tens of billions.

Bloomberg sources confirmed that the Anthropic valuation jump contributed to Alphabet’s $10.7 billion equity gain reported for Q3.

Amazon’s Anthropic stake

Amazon has committed $8 billion to Anthropic.

It’s not just a capital cheque. It’s tied to Amazon’s Project Rainier infrastructure — custom chips, data centres, and massive AI compute.

Amazon said this infrastructure is already running.

And its Anthropic stake added $9.5 billion to its non-operating income for the quarter.

This isn’t the first time Alphabet’s investments changed its earnings

Alphabet had a similar bump earlier this year: around $8 billion in Q1 from unrealised gains tied to a private company, which reports identified as SpaceX.

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AI valuations are now a financial variable

Anthropic’s September funding round valued it at $183 billion. And the minute that valuation got benchmarked, every major investor updated the value of their holdings.

Meanwhile, Microsoft is feeling the opposite effect

Microsoft’s net income actually fell by $3.1 billion — due to losses related to OpenAI.
Microsoft has invested $13.75 billion and now owns 27%.

Private AI giants aren’t just changing tech. They’re now moving the numbers in Big Tech income statements — wildly and fast.