Anthropic、1兆ドルに迫る：Pre-IPO以外に、隠れた「Claude関連株」は何があるのか？
- 核心見解：Anthropicの評価額は1兆ドル近くに急騰し、この規模に挑む初のAIスタートアップとなった。そのエンタープライズ向けアプリケーションの展開は、株式、計算能力、エンタープライズソフトウェアの3つのカテゴリーにおける「Claude関連株」の価値再評価を促進し、公開市場に間接的な投資機会を提供している。
- 重要要素：
- Anthropicの評価額は、2025年3月の615億ドルから2026年には1兆ドル近くまで急騰。2026年第2四半期の収益は109億ドルと予想され、黒字化も視野に入る。エンタープライズ向けコードおよびエージェントアプリケーションが中核的なストーリーである。
- Zoomは、公開市場において評価額の変動幅が最も大きい「シャドー株」である。5100万ドルの初期投資により、現在の評価額ベースで20～40億ドルの簿外収益が発生する可能性があり、これはZoomの時価総額の7%～15%以上に相当する。
- 計算エコシステムの恩恵を受ける企業としては、クラウド事業者（AWS、Google Cloud）、AI ASICサプライチェーン（Broadcom）、Neo-cloud（CoreWeave）が挙げられる。特にBroadcomは、Google TPUとの協業によりClaudeの成長と直接的な関連性を持つ。
- Salesforce、SAP、Snowflake、ServiceNowなどのエンタープライズソフトウェアプラットフォームは、Claudeを製品にネイティブインテリジェンスエンジンとして組み込んでおり、より持続可能な流通による収益機会を代表している。
- Anthropicの株式価値がその時価総額に対して非対称性を持つことが「シャドー株」の中核的なロジックであり、ZoomやSK Telecomなどの中堅・中小企業は、Amazonのような巨大企業と比較して、評価額の変動幅がより大きい。
The first trillion-dollar AI startup is about to be born.
As of the time of writing, according to Nasdaq Private Market (NPM) data, Anthropic's valuation has surged from $650 billion in early May to approximately $992 billion, just a stone's throw away from the trillion-dollar mark.
Of course, it's important to note that the NPM valuation is not equivalent to Anthropic's latest official funding round valuation, nor is it simply a listing price on a platform. It synthesizes various data points, including secondary market transactions, bid and ask prices, and the previous funding round, to provide an estimate closer to the current fair value in the private market.
In other words, Anthropic has not officially confirmed a "trillion-dollar valuation" through a funding announcement, but the private market has already begun pricing it within the trillion-dollar asset range.
This also raises a more practical question: aside from Pre-IPO channels like MSX, it's difficult for ordinary investors to directly buy Anthropic. Are there other ways in the public market to capture the spillover opportunities from the rising valuation of Claude?
The answer might not lie solely in traditional "AI stocks."
1. Why is Anthropic the First to Break Through the Trillion-Dollar Mark?
Undoubtedly, Anthropic's meteoric valuation surge has become one of the most explosive stories in the global capital markets in 2026.
Just looking at the numbers, the trajectory is incredibly steep:
- In March 2025, Anthropic completed a $3.5 billion funding round at a post-money valuation of $61.5 billion.
- By September 2025, the valuation had risen to $183 billion.
- In February 2026, it completed another $30 billion funding round, reaching a valuation of $380 billion.
- According to recent media reports, it is now in the process of a new funding round exceeding $900 billion, surpassing OpenAI's valuation of approximately $852 billion.
Combined with the nearly trillion-dollar pricing signals from private market data like NPM, on the surface, this is another instance of the capital market buying into AI. However, the deeper change lies in the market beginning to redefine the ceiling for frontier model companies.
This isn't exactly the same as the early ChatGPT-style consumer explosion. OpenAI's strengths lie in consumer-grade gateways, developer ecosystems, and brand mindshare. In contrast, Anthropic's advantages are increasingly concentrated in enterprise scenarios, especially code, agent automation, and industry applications with high security requirements. For the capital market, this means Claude is not just a chatbot but has become a form of underlying infrastructure that can be embedded into a company's daily production workflows.
This shift is directly reflected in revenue and profit expectations. According to recent media reports, Anthropic expects second-quarter 2026 revenue to reach $10.9 billion, a significant increase from $4.8 billion in the first quarter, and is on track to achieve an operating profit of $559 million for the quarter. If realized, Anthropic will become one of the few frontier AI companies that are close to achieving profitability despite high computing power investments.
This is also a core difference in its narrative compared to OpenAI.
Of course, Anthropic is not sprinting alone in a market without competition. Recently, OpenAI has been continuously repairing its product performance and reputation in scenarios like Coding and Agentic Workflow through Codex+5.5. Although Gemini's reputation has waned, it has not exited this model arms race either.
In other words, Anthropic's high valuation is not the result of a "settled victory," but rather the market's willingness, for now, to pay a higher premium for its enterprise growth curve, product performance like Claude Code, and a clearer path to commercialization.
It is precisely because of this scarcity that Anthropic has become one of the most watched targets in the Pre-IPO market.
The second phase of the Pre-IPO offering recently concluded by MSX Maitong included Anthropic among its two selected targets. The subscription price was 855 U, corresponding to a valuation of approximately $950 billion. For many ordinary investors, this type of Pre-IPO product does provide an entry point closer to private market pricing, given that Anthropic has not yet gone public and the primary market threshold is extremely high.
But Pre-IPO is not the only perspective.
As Anthropic's valuation approaches the trillion-dollar mark, the market may need to re-price not just Anthropic itself, but an entire shadow chain centered around Claude: Who has invested in it? Who supplies its computing power? Who integrates it into enterprise software? These entities are likely to be revalued by capital.
So, besides Pre-IPO, which companies actually stand on the chain of Claude's equity, computing power, and enterprise distribution?
2. If You Can't Buy Anthropic, What Will the Market Buy?
If we categorize by "how close they are to Anthropic," Claude concept stocks can be roughly divided into three types: The first type consists of equity shadow stocks that have directly participated in Anthropic investments. The second type includes cloud and chip companies that fulfill Claude's computing power needs. The third type comprises software platforms that integrate Claude into enterprise workflows.
Although all these companies are called "Claude concept stocks," the ways they benefit are completely different:
- Equity shadow stocks benefit from the book value revaluation driven by Anthropic's rising valuation.
- Computing power chain stocks benefit from orders arising from the expansion of Claude's training and inference demands.
- Enterprise software platform stocks benefit from whether Claude can become a native capability within their own products.
1. First Tier: "Shadow Stocks" with Direct Equity Investments Accessible in the Public Market
Public information shows that Anthropic has gone through 7 funding rounds from Series A to G since its inception. Major shareholders include Google, Amazon, Nvidia, Microsoft, Sequoia Capital, Blackstone, and GIC. After the Series G round (post-money valuation of ~$380 billion), the estimated shareholdings of major investors are: Amazon (9%), GIC (8%), Microsoft (7%), Coatue Management (6%), Google (6%), and Nvidia (5%). The founders and team hold 21%, and the employee stock option pool holds 19%.
However, the most "hidden shadow stock" might not be tech giants like Amazon, Google, or Microsoft that invested tens or even hundreds of billions, but rather Zoom.
Zoom announced a strategic partnership with Anthropic back in 2023 and invested approximately $51 million through Zoom Ventures (when Anthropic's valuation was only $4.1 billion). The collaboration involved integrating Claude into the Zoom platform, gradually covering product lines like Team Chat and Meetings.
The interesting part here is that although Zoom's investment amount was small at the time, even accounting for subsequent dilution, the value of this stake has reached the $2–$4 billion range or even higher. Compared to Zoom's current market cap of about $29 billion, this single investment accounts for 7%–15% or more of its market cap.
For giants like Amazon and Google, a similar investment might just be a non-core item on the financial statements. But for Zoom, the significance is entirely different – Zoom's current market cap is around $30 billion. If its Anthropic stake is valued at several billion dollars, it becomes a significant variable capable of influencing the market's re-evaluation of its asset value.
This is what makes Zoom so unique: it's like a small temple housing a giant Buddha.
Over the past few years, Zoom's core video conferencing business growth has gradually slowed, and the market's imagination for it has diminished compared to the pandemic era. However, when considering Anthropic's equity, Claude integration, and the AI transformation of enterprise customer service centers and collaboration scenarios, Zoom transforms from a slow-growing video conferencing company into a public market super-shadow stock that unexpectedly holds an early ticket to Claude.
A similar equity shadow logic can be extended to SK Telecom.
In 2023, SK Telecom announced an additional $100 million investment in Anthropic and collaborated on developing multilingual large language models for the telecommunications industry. Compared to Zoom, SK Telecom's uniqueness lies in it being a traditional telecom operator with a relatively smaller market cap. Therefore, the book value impact of its Anthropic stake on its overall valuation could be even more pronounced.
For this reason, overseas markets have also once regarded SK Telecom as a more unusual but direct Anthropic shadow asset.
2. Second Tier: The Computing Power Ecosystem, from Cloud Providers and AI ASICs to Neo-Clouds
However, beyond Zoom and SK Telecom, a larger part of the Claude industry chain actually lies in the computing power layer.
If equity shadow stocks are about the book value revaluation from Anthropic's rising valuation, then computing power ecosystem stocks address a different question: As Claude grows larger, enterprise usage increases, and code/agent scenarios become heavier, who will handle the underlying demands for training, inference, and data centers?
This chain isn't just about NVIDIA, nor is it just about traditional cloud providers. More accurately, Claude's computing power ecosystem can be broken down into at least three groups:
- The first group includes cloud platforms like AWS, Google Cloud, and Azure.
- The second group includes AI ASICs like TPUs and Trainium, along with their supply chains.
- The third group includes Neo-clouds like CoreWeave, Nebius, Lambda, and Crusoe, which specialize in providing AI computing power leasing.
For instance, Anthropic's binding with Amazon is both the earliest and deepest. Amazon has invested billions of dollars in Anthropic cumulatively, and AWS is one of Anthropic's most important cloud and training partners. They collaborate deeply on AWS Trainium, the Neuron software stack, and Project Rainier. For Amazon, Anthropic is not just a financial investment but a crucial tool for AWS to compete for cloud workloads in the generative AI era.
Google represents another path. Having invested in Anthropic early on, Google subsequently expanded its cloud and TPU collaborations with Anthropic. In 2026, Anthropic, Google, and Broadcom expanded their partnership, planning to secure multi-GW level next-generation TPU computing power starting in 2027 to support Claude model and enterprise application expansion.
Objectively speaking, Anthropic uses both AWS Trainium and Google TPU, and also accesses NVIDIA architecture through Microsoft Azure. This diversified computing power strategy, on one hand, reduces reliance on a single supplier; on the other hand, it allows more public companies to become indirect beneficiaries of Claude's growth.
This also leads to a direction easily overlooked in the past: the AI ASIC chain.
In the past, when discussing AI computing power, the market most easily thought of NVIDIA GPUs. However, as frontier model companies begin to pay more attention to inference costs, supply stability, and per-token cost, the importance of cloud providers' self-developed chips and custom ASICs is rising. Therefore, chips like AWS Trainium and Google TPU are essentially designed to provide a more controllable cost structure for large model training and inference, outside of GPUs.
In this line, Broadcom is one of the most worthy companies for discussion within the Claude concept stock framework. It's not a public equity investor in Anthropic, but it is a key chip and network supplier for the Google TPU ecosystem. If Anthropic's future growth indeed relies on larger-scale TPU deployments, Broadcom would become an indispensable hardware and network node in this chain.
Extending further, companies like Marvell, TSMC, advanced packaging, optical interconnect, and high-speed networking can all be observed within the broader AI ASIC industrial chain: Broadcom's connection to Claude is more direct, as it stands at the intersection of Google's TPU and Anthropic's expanding cooperation. Other ASIC and semiconductor supply chain companies are more like beneficiaries of the industry-wide beta driven by AI computing power demand expansion, not necessarily exclusive beneficiaries tied to Claude.
Microsoft and Nvidia entered a clearer cooperation framework by the end of 2025. Nvidia and Microsoft committed to investing up to $10 billion and $5 billion, respectively, in Anthropic. This is quite interesting. It signifies Microsoft buying an "insurance policy outside of OpenAI" for its own AI ecosystem. Nvidia's logic is more straightforward: regardless of whether Anthropic uses Trainium, TPU, or NVIDIA GPU, as long as the frontier model competition continues to escalate, Nvidia remains one of the hardest core computing elements to bypass.
But on the Claude line, Nvidia is not the only winner, because Anthropic emphasizes diversification of computing power sources more than many model companies.
Besides traditional cloud providers and AI ASICs, there is a newer group of beneficiaries: Neo-clouds. Simply put, these are new types of cloud providers that specialize in providing high-density GPU/accelerator chip computing power leasing for AI training and inference. Unlike AWS, Azure, or Google Cloud, which offer a wide range of cloud services, they focus more on AI workloads, localized high-performance clusters, GPU-as-a-Service, and the elastic computing power required by model companies.
In this line, CoreWeave has the most direct relationship with Anthropic. In April 2026, CoreWeave announced a multi-year agreement with Anthropic, under which Anthropic will use CoreWeave's cloud platform to run production-level workloads.
This also means that the Claude computing power ecosystem is not a binary choice between "cloud providers vs. chip companies," but a multi-layered structure. At the bottom, there are different chip routes like NVIDIA GPU, Google TPU, and AWS Trainium. In the middle, there are traditional cloud platforms like AWS, Google Cloud, and Azure. Simultaneously, Neo-clouds like CoreWeave, Nebius, Lambda, and Crusoe serve as a more flexible layer for computing power leasing and delivery.
Therefore, to understand the Claude computing power ecosystem more comprehensively, Broadcom represents the AI ASIC and custom chip chain, CoreWeave represents the Neo-cloud computing power leasing chain, and Amazon, Google, and Microsoft represent the computing power gateways of traditional cloud platforms.
These three groups of companies together illustrate one thing: The higher Anthropic's valuation, the more the market re-prices not only Claude itself but also the increasingly complex network of computing power procurement, chip design, and cloud infrastructure behind it.
3. Third Tier: Software Platforms Integrating Claude into Enterprise Workflows
Beyond equity and computing power, there is a third category of companies that are even easier to overlook: enterprise software platforms.
The most typical examples here are Salesforce, SAP, Snowflake, and ServiceNow.
Salesforce Ventures participated in Anthropic's relatively early funding rounds and has continuously supported it in subsequent rounds. More importantly, Claude has already been integrated into Salesforce's product ecosystem, including Slack and Agentforce. Especially in industries with higher security and compliance requirements, like finance, healthcare, and the public sector, Claude has the opportunity to become one of the key models in Salesforce's enterprise AI solutions.
SAP's logic leans more towards core enterprise systems. In 2023, SAP announced strategic investments in generative AI companies like Anthropic, Cohere, and Aleph Alpha. In 2026, SAP announced an expanded partnership with Anthropic, planning to make Claude one of the primary reasoning and agent capabilities within the SAP Business AI Platform, Joule, and Joule agents system.
This line is significant because SAP connects to the most critical enterprise systems: ERP, finance, HR, supply chain, and operations management. If Claude can enter SAP, it's not just entering a software gateway; it's entering the underlying business processes and data structures of global enterprises.
Snowflake and ServiceNow represent another type of enterprise AI distribution path.
Snowflake expanded its partnership with Anthropic, committing $200 million to jointly promote Claude's entry into Snowflake Cortex AI, Snowflake Intelligence, and enterprise data analysis agent scenarios. ServiceNow announced Claude as the default model for ServiceNow Build Agent, used for application development, industry workflows, and internal employee efficiency improvements. ServiceNow also stated it has deployed Claude for tens of thousands of its employees.
These companies are not direct beneficiaries of Anthropic's valuation increase, but they represent another more important direction: Claude is transitioning from a standalone AI product to an inference engine and workflow engine within enterprise software.
For the public market, this might be a more sustainable narrative. The book value elasticity of equity shadow stocks has limits, and computing power orders are easily affected by capital expenditure cycles. But if Claude truly becomes the default intelligence layer in enterprise software, then companies like Salesforce, SAP, Snowflake, and ServiceNow have the opportunity to alleviate market concerns about "AI disrupting SaaS."
Simply put, Anthropic's rise doesn't necessarily mean a threat to traditional software companies; it could also mean that a batch of enterprise software companies gain the opportunity to repackage their valuation narratives.
Furthermore, extending enterprise workflows to government, intelligence, and defense scenarios, Palantir is also worth a specific mention. It is becoming an important distribution platform for Claude to enter high-security-level scenarios within the US government. In 2024, Palantir, Anthropic, and AWS announced a partnership to integrate Claude 3 and Claude 3.5 series models into Palantir AIP to serve US intelligence and defense agencies. Subsequently, Anthropic joined the Palantir FedStart program to promote Claude for Enterprise into government departments under FedRAMP High and DoD IL5 standards.
