Google adds another $40 billion investment in Anthropic: first pays $10 billion, then releases $30 billion based on performance, with 5GW of TPU compute power

According to a Bloomberg 4/24 exclusive report, Alphabet has confirmed an additional investment of up to $40 billion in Anthropic. This commitment will be delivered in two tranches: the first $10 billion will be injected in cash, with the valuation and the $380 billion figure matching the one from February’s G round; the remaining $30 billion will be released in stages after Anthropic meets performance targets. At the same time, Google Cloud will provide TPU compute resources on the order of 5 GW within five years.

Investment Structure

Stage Content First Tranche $10 billion cash, valuation $380 billion (same level as February’s G round) Second Tranche ($30 billion, milestone unlocked) $30 billion, released in steps depending on Anthropic’s performance metrics Infrastructure commitment Google Cloud to provide 5 GW TPU compute resources within five years Total cap $40 billion (cash + conditional funding)

Background: Anthropic secures two major backers in one week

This Google investment comes right after last week’s announcement that Amazon increased its investment in Anthropic by as much as $25 billion (with $5 billion already injected and the rest tied to performance targets). The two U.S. cloud giants are ramping up their bets in tandem, stabilizing Anthropic’s compute and funding supply chain beyond 2027.

Comparing Anthropic’s revenue momentum: annualized revenue (ARR) jumped from about $9 billion at the end of 2025 to $30 billion in March 2026, a quarter-over-quarter increase of 233%. This week, Anthropic’s valuation in the Forge Global secondary market also reached $100 billion—overtaking OpenAI’s $88 billion. Strong signals are coming out from both the primary and secondary markets at the same time.

Google’s “dual identity as both competitor and partner”

Google has its own Gemini series models and enterprise AI platform, which are theoretically direct competitors to Anthropic. But Google is also one of Anthropic’s earliest cloud and compute supply providers. This $40 billion commitment shows that Alphabet is pursuing a two-track strategy: “investing in the competitor = locking in compute customers + diversifying bets on AI leaders.” For Google, the more TPU Anthropic uses, the more TPU procurement volume, Google Cloud revenue, and the evolution of TPU specifications can move along with it.

Competitive pressure on OpenAI and GPT-5.5

After this Google ramp-up, Anthropic’s position in the capital markets has caught up across the board with OpenAI—OpenAI just released GPT-5.5 this week, supported by a backer structure led by SoftBank. The three axes of confrontation between the two major camps—compute supply chain, capital structure, and model roadmap—will further intensify. Earlier this week, Sam Altman publicly criticized Anthropic for using “fear marketing” in his ongoing feud, and this provides a more concrete footnote for the financial conflict.

Next to watch

The specific timeline for Anthropic to unlock the $30 billion performance-based condition

The actual progress of the 5 GW TPU deployment and the pace of year-by-year ramp

Whether Anthropic advances its IPO plans led by Goldman Sachs and JPMorgan in the second half of 2026

The final structure of Google’s ownership stake in Anthropic (Google previously held significant equity; after this round, it will further expand)

This article about Google’s $40 billion investment in Anthropic—paying $10 billion first, then releasing $30 billion based on performance, paired with 5GW of TPU compute—appeared earliest on ChainNews ABMedia.