Anthropic is on track to a $1 Trillion Valuation: Beyond Pre-IPO, What Other Hidden 'Claude Concept Stocks' Are There?

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 clarify first that the NPM valuation is not necessarily equivalent to Anthropic's latest official funding round valuation, nor is it a simple listing price on a particular platform. It synthesizes data from 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 an official funding announcement, but the private market has already started pricing it within the range of trillion-dollar assets.

This also presents a more practical problem: aside from Pre-IPO channels like MSX, it's difficult for ordinary investors to directly buy Anthropic. So, are there other ways in the public market to capture the spillover opportunities brought by Claude's rising valuation?

The answer may not only lie in the traditional sense of "AI stocks."

1. Why Did Anthropic Break Through the Trillion-Dollar Mark First?

Undoubtedly, Anthropic's soaring valuation has become one of the most explosive stories in the global capital market in 2026.

Just looking at the numbers, this is a very steep curve:

• In March 2025, Anthropic completed a $3.5 billion funding round, achieving a post-money valuation of $61.5 billion;
• In September 2025, the valuation rose to $183 billion;
• In February 2026, it completed another $30 billion funding round, reaching a valuation of $380 billion;
• And according to recent media reports, it is undergoing a new funding round of over $900 billion, surpassing OpenAI's valuation of approximately $852 billion;

Combined with the near-trillion-dollar pricing signal from private market data like NPM, on the surface, this is another instance of the capital market paying for AI. The deeper change is that the capital market is beginning to redefine the ceiling for frontier model companies.

This is not entirely the same as the early ChatGPT-style consumer explosion. OpenAI's strengths lie in consumer-grade entry points, developer ecosystems, and brand mindshare, while Anthropic's advantages are increasingly concentrated in enterprise scenarios, especially code, Agent automation, and high-security industry applications. For the capital market, this means Claude is not just a chatbot, but has become a piece of underlying infrastructure that can be embedded into a company's daily production processes.

This shift is directly reflected in revenue and profit expectations. According to recent media reports, Anthropic is expected to generate $10.9 billion in revenue in Q2 2026, a significant increase from $4.8 billion in Q1, and is expected to achieve an operating profit of $559 million for the quarter. If this materializes, Anthropic will become one of the few frontier AI companies approaching break-even profitability despite high-intensity compute investments.

This is also a core narrative difference between it and OpenAI at present.

Of course, Anthropic is not running unilaterally 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. While Gemini's reputation has declined, it hasn't exited the model arms race either.

In other words, Anthropic's high valuation is not a result of "the game being over," but rather the market's temporary willingness to pay a higher premium for its enterprise growth curve, product performance like Claude Code, and a clearer commercialization path.

It is precisely because of this scarcity that Anthropic has become one of the most watched targets in the Pre-IPO market.

Not long ago, MSX Maitong concluded its second Pre-IPO phase, which included Anthropic as one of the 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 is not yet publicly listed and primary market thresholds are extremely high.

But Pre-IPO is not the only perspective.

When Anthropic's valuation hurtles towards a trillion dollars, the market may need to re-price not just Anthropic itself, but an entire shadow chain centered around Claude: who invested in it, who supplies it with computing power, who brings it into enterprise software—these entities are all candidates for being re-valued by capital.

So, besides Pre-IPO, which companies actually stand in the equity, computing power, and enterprise distribution chains of Claude?

2. If You Can't Buy Anthropic, What Will the Market Buy?

If we categorize by "how close to Anthropic," Claude concept stocks can be roughly divided into three types: The first type is shadow equity stocks that directly participated in Anthropic's investments; the second type is cloud and chip companies that fulfill Claude's computing power needs; the third type is software platforms that integrate Claude into enterprise workflows.

Although these three types of companies are all called "Claude concept stocks," the ways they benefit are completely different:

• Shadow equity stocks look at the book value revaluation brought by Anthropic's rising valuation;
• The computing power chain looks at orders brought by the expansion of Claude's training and inference demands;
• Enterprise software platforms look at 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 since its inception, Anthropic has gone through 7 funding rounds from A to G. Major shareholders include Google, Amazon, Nvidia, Microsoft, Sequoia, Blackstone, GIC, etc. After completing the Series G round (post-money valuation of approximately $380 billion), the shareholding ratios of major investors were: Amazon (9%), GIC (8%), Microsoft (7%), Coatue Management (6%), Google (6%), Nvidia (5%), with founders and team holding 21%, and the employee stock option pool holding 19%.

But the one that best resembles a "hidden shadow stock" is not the tech giants like Amazon, Google, or Microsoft that invested tens or even hundreds of billions, but rather Zoom.

As early as 2023, Zoom announced a strategic partnership with Anthropic 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 various product lines like Team Chat and Meetings.

The interesting aspect here is that although Zoom's investment amount was small at the time, even considering subsequent funding 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, similar investments might just be a non-core item on their financial statements. But for Zoom, the meaning is entirely different—Zoom's current market cap is around the $30 billion level. If the valuation of its Anthropic holdings reaches tens of billions of dollars, it becomes a significant variable that can influence the market's re-understanding of its asset value.

This is what makes Zoom most special – a small temple housing a big Buddha.

In the past few years, Zoom's core video conferencing business growth has gradually slowed, and market excitement about it is significantly lower than during the pandemic. However, if you look at Anthropic's equity, Claude integration, and the AI-fication of enterprise-level customer service centers and collaboration scenarios together, Zoom is no longer just a slow-growing video conferencing company, but a public market super shadow stock that unexpectedly holds an early ticket to Claude.

A similar shadow equity logic can also be extended to SK Telecom.

In 2023, SK Telecom announced an additional $100 million investment in Anthropic and collaborated with Anthropic to develop a multilingual large language model for the telecommunications industry. Compared to Zoom, SK Telecom's special feature is that it is itself a traditional telecom operator with a relatively small market cap. Therefore, the book value of its Anthropic stake might have a more pronounced impact on its overall valuation.

For this reason, overseas markets have also once regarded SK Telecom as a stranger, yet more direct, Anthropic shadow asset.

2. Second Tier: The Computing Power Ecosystem, From Cloud Vendors, AI ASICs to Neo-clouds

However, beyond Zoom and SK Telecom, a larger Claude industry chain is actually hidden in the computing power layer.

If shadow equity stocks are about the book value revaluation brought by Anthropic's rising valuation, then computing power ecosystem stocks address another question: as Claude gets bigger, enterprise calls increase, and code and Agent scenarios become heavier, who will handle the underlying demands for training, inference, and data centers?

This chain cannot be viewed solely through NVIDIA or traditional cloud vendors. 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 TPU 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 example, Anthropic's binding with Amazon is the earliest and deepest. Amazon has invested billions of dollars cumulatively in Anthropic, and AWS is one of Anthropic's most important cloud and training partners. They have deep collaborations around AWS Trainium, the Neuron software stack, Project Rainier, etc. So for Amazon, Anthropic is not just a financial investment project, but a crucial leverage point for AWS to compete for cloud workloads in the generative AI era.

Google represents another route. Google invested early in Anthropic and subsequently expanded its cloud and TPU collaboration. In 2026, Anthropic expanded its collaboration with Google and Broadcom, planning to secure multi-GW level next-generation TPU computing power starting from 2027 to support the expansion of Claude models and enterprise applications.

Of course, 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 any single supplier, and on the other hand, allows more public market companies to become indirect beneficiaries of Claude's growth.

This also leads to a direction that was easily overlooked in the past: the AI ASIC chain.

In the past, when the market talked about AI computing power, it was easiest to think of NVIDIA GPUs first. However, as frontier model companies begin to place greater emphasis on inference costs, supply stability, and unit token costs, the importance of cloud vendors' self-developed chips and custom ASICs is rising. So, chips like AWS Trainium and Google TPU are essentially aimed at providing a more controllable cost structure for large model training and inference, outside of GPUs.

Within this line, Broadcom is one of the companies most worth discussing separately as a Claude concept stock. It is not a public equity investor in Anthropic, but it is one of the key chip and network suppliers behind the Google TPU ecosystem. If Anthropic's future growth indeed relies on larger-scale TPU deployments, then Broadcom becomes an unavoidable hardware and network node in this chain.

Extending further, Marvell, TSMC, advanced packaging, optical interconnects, and high-speed network chains can all be observed within this broader AI ASIC industry chain. Broadcom's connection to Claude is more direct because it sits at the intersection of the expanding collaboration between Google TPU and Anthropic. Other ASIC and semiconductor supply chain companies are more about the industry beta from the expansion of AI computing power demand, not necessarily exclusive Claude beneficiary stocks.

Microsoft and NVIDIA entered a clearer cooperation framework towards the end of 2025. NVIDIA and Microsoft pledged to invest up to $10 billion and $5 billion respectively in Anthropic. This is interesting, meaning Microsoft is buying "insurance outside of OpenAI" for its own AI ecosystem. NVIDIA's logic is more direct: regardless of whether Anthropic uses Trainium, TPU, or NVIDIA GPUs, as long as the frontier model competition continues to escalate, NVIDIA remains one of the hardest computing power cores to bypass.

But on this Claude line, NVIDIA is not the only winner, because Anthropic emphasizes a more diversified source of computing power than many model companies.

Besides traditional cloud vendors and AI ASICs, there is another newer group of computing power beneficiaries: Neo-clouds. Simply put, these are new types of cloud vendors specializing in providing high-density GPU/accelerator chip computing power leasing for AI training and inference. Unlike AWS, Azure, or Google Cloud that offer everything, they focus more on AI workloads, localized high-performance clusters, GPU-as-a-Service, and the elastic computing power needed by model companies.

In this line, CoreWeave's relationship with Anthropic is the most direct. In April 2026, CoreWeave announced a multi-year agreement with Anthropic, where Anthropic will use CoreWeave's cloud platform to run production-grade workloads.

This also means that Claude's computing power ecosystem is not a binary "cloud vendor vs chip company" choice, but a multi-layered structure: at the bottom, there are different chip routes like NVIDIA GPU, Google TPU, AWS Trainium; in the middle, there are traditional cloud platforms like AWS, Google Cloud, Azure; and simultaneously, there are Neo-clouds like CoreWeave, Nebius, Lambda, and Crusoe serving as a more flexible computing power leasing and delivery layer.

So, to have a more complete understanding of the Claude computing power ecosystem, Broadcom represents the AI ASIC and custom chip chain, CoreWeave represents the Neo-cloud computing power leasing chain, and Amazon, Google, Microsoft represent the computing power entry points of traditional cloud platforms.

These three groups of companies collectively illustrate one thing: the higher Anthropic's valuation goes, the more the market re-prices not just Claude itself, but also the increasingly complex network of computing power procurement, chip design, and cloud infrastructure behind it.

3. Third Tier: Software Platforms Bringing Claude into Enterprise Workflows

Beyond equity and computing power, there is a third category of companies that are more easily overlooked: enterprise software platforms.

The most typical examples here are Salesforce, SAP, Snowflake, and ServiceNow.

Salesforce Ventures has participated in Anthropic's funding rounds since its early stages and has continued to support subsequent rounds. More importantly, Claude has already been integrated into Salesforce's product systems like Slack and Agentforce. Especially in industries with higher security and compliance requirements, such as finance, healthcare, and the public sector, Claude has the potential 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 inference and Agent capabilities within its SAP Business AI Platform, Joule, and Joule agents ecosystem.

This line is significant because SAP connects to the most core enterprise systems: ERP, finance, HR, supply chain, and operations management. If Claude can enter SAP, it's not just entering a software entry point, but entering the deepest 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 models 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 improvement. ServiceNow also stated it has deployed Claude for tens of thousands of its employees.

These types of companies are not direct beneficiaries of Anthropic's valuation increase, but they represent another more important direction: Claude is transforming from a separate AI product into an inference engine and workflow engine within enterprise software.

For the public market, this might be a more sustainable clue. The book value elasticity of shadow equity stocks has an upper limit, and computing power orders are easily affected by the CapEx cycle. However, if Claude truly becomes the default intelligence layer in enterprise software, then companies like Salesforce, SAP, Snowflake, and ServiceNow also have the opportunity to use this to alleviate market concerns about "AI disrupting SaaS."

To put it bluntly, Anthropic's rise doesn't necessarily only signify a threat to traditional software companies; it could also mean that a group of enterprise software companies have gained an opportunity to repackage their own valuation logic.

Furthermore, if we extend enterprise workflows further into government, intelligence, and defense scenarios, Palantir is actually worth mentioning separately. It is becoming an important distribution platform for Claude to enter high-security-level scenarios of the U.S. government. In 2024, Palantir, Anthropic, and AWS announced a partnership to integrate Claude 3 and Claude 3.5 series models into Palantir AIP for U.S. intelligence and defense agencies. Subsequently,