Anthropic Poised to Hit $1 Trillion: Beyond the Pre-IPO, What Other Hidden "Claude Concept Stocks" Are There?

The first trillion-dollar AI startup is about to be born.

As of press time, according to data from the Nasdaq Private Market (NPM), Anthropic's valuation has soared from $650 billion in early May to approximately $992 billion, just one step away from the trillion-dollar mark.

Of course, it's important to clarify that the NPM valuation is not equivalent to Anthropic's latest official funding round valuation, nor is it a simple listing price on a certain platform. It synthesizes multiple data points such as 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 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 stock. So, are there other ways in the public market to capture the spillover opportunities from the rising valuation of Claude?

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

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

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

Just looking at the numbers, it's a very steep curve:

• In March 2025, Anthropic completed a $3.5 billion funding round, with 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;
• According to recent media reports, it is currently conducting a new funding round exceeding $900 billion, surpassing OpenAI's valuation of approximately $852 billion;

Adding the near-trillion-dollar pricing signals from private market data like NPM, on the surface, this is another instance of the capital market buying into AI. The deeper change lies in the capital market 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 kind 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 expects Q2 2026 revenue to reach $10.9 billion, a significant increase from $4.8 billion in Q1, and is projected to achieve an operating profit of $559 million for the quarter. If this performance materializes, Anthropic will become one of the few frontier AI companies that approaches breakeven despite high-intensity computing power investments.

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

Of course, Anthropic is not sprinting unilaterally in a market without competition. Recently, OpenAI, through Codex+5.5, has been continuously repairing its product performance and reputation in scenarios like Coding and Agentic Workflow. Although models like Gemini have seen a decline in reputation, they haven't withdrawn from this model arms race either.

In other words, Anthropic's high valuation is not a "game over" result, 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.

The second phase of the Pre-IPO project recently concluded by MSX included two targets, one of which was Anthropic. The subscription price was 855 U, corresponding to a valuation of approximately $950 billion. For many ordinary investors, this type of Pre-IPO product indeed provides a participation entrance closer to the private market pricing when Anthropic has not yet gone public and the primary market threshold is extremely high.

But Pre-IPO is not the only perspective.

When Anthropic's valuation approaches a trillion dollars, the market may need to re-price not just Anthropic itself, but an entire shadow chain revolving around Claude: who invested in it, who provides it with computing power, who brings it into enterprise software – all could be re-evaluated by capital.

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

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

If classified by "how close they are to Anthropic," Claude concept stocks can be roughly divided into three categories: First, equity shadow stocks that directly participated in Anthropic investments; second, cloud and chip companies that meet Claude's computing power demands; and third, software platforms that integrate Claude into enterprise workflows.

These three types of companies are all called "Claude concept stocks," but their ways of benefiting are completely different:

• Equity shadow stocks focus on the book value revaluation brought by Anthropic's valuation increase;
• The computing power chain focuses on orders generated by the expansion of Claude's training and inference demands;
• Enterprise software platforms focus on 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 completed 7 funding rounds from Series A to G. Major shareholders include Google, Amazon, NVIDIA, Microsoft, Sequoia, Blackstone, GIC, etc. After the Series G round (post-money valuation ~$380 billion), the shareholding ratios of major investors are: Amazon (9%), GIC (8%), Microsoft (7%), Coatue Management (6%), Google (6%), NVIDIA (5%). Founders and the team hold 21%, and the employee stock option pool holds 19%.

But the most "hidden shadow stock" among them isn't tech giants like Amazon, Google, or Microsoft, which 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 integrated Claude into Zoom's platform, gradually covering product lines like Team Chat and Meetings.

The interesting part 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 around $29 billion, this single investment accounts for 7% - 15% or more of its market cap.

For giants like Amazon and Google, such an investment might just be a non-core item on the balance sheet. But for Zoom, the significance is entirely different – Zoom's current market cap is around $30 billion. If the valuation of its Anthropic holdings reaches several billion dollars, it can become an important variable influencing the market to re-understand its asset value.

This is Zoom's most unique aspect – a small temple housing a big Buddha.

In recent years, Zoom's core video conferencing business growth has gradually slowed, and the market's imagination for it is clearly not what it was during the pandemic. But if you look at the Anthropic equity, Claude integration, and the AI transformation of enterprise-grade contact centers and collaboration scenarios together, Zoom is no longer just a slow-growing video conferencing company. Instead, it has become a public market super shadow stock that accidentally holds an early ticket to Claude.

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

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

Because of this, the overseas market once considered SK Telecom as a stranger but more 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, the larger Claude industry chain actually lies in the computing power layer.

If equity shadow stocks are about the book value revaluation from Anthropic's valuation increase, then computing power ecosystem stocks address another question: As Claude gets bigger, enterprise calls increase, and code/Agent scenarios become heavier, who will meet the underlying training, inference, and data center demands?

This chain shouldn't just look at NVIDIA, nor just 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 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 rental;

For example, Anthropic's ties with Amazon are the earliest and deepest. Amazon has already invested billions of dollars in Anthropic cumulatively. AWS is also one of Anthropic's most important cloud and training partners, collaborating deeply on AWS Trainium, Neuron software stack, Project Rainier, and more. For Amazon, Anthropic is not just a financial investment but a crucial lever for AWS to compete for cloud workloads in the generative AI era.

Google represents a different route. Google invested in Anthropic early on and subsequently expanded its cloud and TPU collaboration with Anthropic. In 2026, Anthropic, Google, and Broadcom expanded their partnership, planning to secure multi-GW scale 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's architecture through Microsoft Azure. This diversified computing power strategy reduces reliance on a single supplier while also making more public market companies indirect beneficiaries of Claude's growth.

This leads to a direction often overlooked in the past: the AI ASIC chain.

Historically, discussions about AI computing power often started with NVIDIA GPUs. However, as frontier model companies increasingly focus on inference costs, supply stability, and unit token costs, 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 chain, Broadcom is one of the companies most worth discussing individually within the Claude concept stock context. It's not a publicly disclosed equity investor in Anthropic, but it is a key chip and networking supplier behind the Google TPU ecosystem. If Anthropic's future growth indeed relies on larger-scale TPU deployment, Broadcom will become an unavoidable hardware and networking node in this chain.

Extending further, Marvell, TSMC, advanced packaging, optical interconnect, and high-speed networking chains can all be observed within the broader AI ASIC industrial chain. Broadcom's association with Claude is more direct because it sits at the intersection of the expanding Google TPU and Anthropic partnership. Other ASIC and semiconductor supply chain companies are more like industry beta from the overall expansion of AI computing power demand, not necessarily stocks benefiting exclusively from Claude.

Microsoft and NVIDIA entered a clearer cooperation framework by the end of 2025. NVIDIA and Microsoft pledged to invest up to $10 billion and $5 billion respectively in Anthropic. This is very interesting, meaning Microsoft is buying an "insurance policy beyond OpenAI" for its own AI ecosystem. NVIDIA's logic is more direct: 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 computing power cores to bypass.

However, 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 set of computing power beneficiaries: Neo-clouds. Simply put, these are new types of cloud providers that specialize in providing high-density GPU/accelerator chip computing power rental specifically for AI training and inference. Unlike AWS, Azure, or Google Cloud, which offer a wide range of cloud services, they focus more narrowly on AI workloads, localized high-performance clusters, GPU-as-a-Service, and the elastic computing power needed by model companies.

In this line, the relationship between CoreWeave and Anthropic is the most direct. In April 2026, CoreWeave announced a multi-year agreement with Anthropic for Anthropic to run production workloads on CoreWeave's cloud platform.

This also means that Claude's computing power ecosystem is not a binary choice between "cloud providers vs. chip companies." It's a multi-layered structure: at the bottom layer are different chip routes like NVIDIA GPU, Google TPU, AWS Trainium; in the middle are traditional cloud platforms like AWS, Google Cloud, and Azure; alongside them are Neo-clouds like CoreWeave, Nebius, Lambda, and Crusoe acting as a more flexible computing power rental and delivery layer.

Therefore, for a more complete understanding of Claude's computing power ecosystem: Broadcom represents the AI ASIC and custom chip chain; CoreWeave represents the Neo-cloud computing power rental chain; Amazon, Google, and Microsoft represent the computing power entry points of traditional cloud platforms.

These three groups of companies together illustrate one thing: The higher Anthropic's valuation gets, 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

Besides equity and computing power, there's a third category of companies that is 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 continued to support it in 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 is more focused on 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 the SAP Business AI Platform, Joule, and Joule agents ecosystem.

This is a very significant line because SAP connects to the most core enterprise systems: ERP, finance, HR, supply chain, and 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 path for enterprise AI distribution.

Snowflake expanded its partnership with Anthropic, committing $200 million to 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 productivity enhancement. 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 transforming from a standalone AI product into an inference engine and workflow engine embedded within enterprise software.

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

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

Furthermore, extending enterprise workflows to government, intelligence, and defense scenarios, Palantir is also worth mentioning individually. It is becoming an important distribution platform for Claude to enter high-security government scenarios in the US: In 2024, Palantir, Anthropic, and AWS announced a partnership to integrate Claude 3 and Claude 3.5 series models into Palantir AIP for 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.

3. How to See the Full Picture of "Claude Concept Stocks"

So, to create a clearer framework for "Claude concept stocks," you