Google is set to invest $10 billion in Anthropic, with up to $30 billion more tied to performance targets, as it ramps up its bet on AI infrastructure.

Google will invest $10 billion in cash at a $350 billion valuation, as well as another $30 billion if Anthropic hits performance targets, Bloomberg reported. The investment is expected to support an expansion of Anthropic’s computing capacity.

Earlier this week, the AI startup said it had secured a $5 billion investment from Amazon at the same $350 billion valuation, with a potential addition of another $20 billion over time.

Anthropic’s investors have sought to back the firm at a valuation of $800 billion or more, according to Bloomberg.

Google and Anthropic are both partners and rivals in the global AI race, but Google is also the company’s key infrastructure supplier for specialized Tensor Processing Units (TPUs). The chips are used to train and run Anthropic’s AI models (like Claude) and are considered one of the best alternatives to those from Nvidia.

As part of the updated April 2026 deal, Google will also provide Anthropic with five gigawatts of next-generation TPU capacity starting in 2027 to power its Claude models.

At the time of the deal, Anthropic announced that its run-rate revenue has now surpassed $30 billion, with more than 1,000 business customers each spending over $1 million annually.

“The partnership deepens our existing work with Google Cloud—building on the increased TPU capacity we announced last October—as well as our relationship with Broadcom,” the company said, referring to a partnership with Broadcom, which designs custom AI chips for Google.

Anthropic is also considering an initial public offering (IPO) as soon as October, pushing to expand its infrastructure in order to meet growing demand for its products.

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