Alphabet’s Q2 filing put its private-company stakes at $124.3 billion, mostly one investment Bloomberg identified as Anthropic. A reported November IPO valuation near $2 trillion could roughly double the stake’s paper value, but Alphabet gets cash only if it sells shares.
The $124.3 billion carrying value is based on Anthropic’s latest observable share price, from a $65 billion funding round completed in late May that valued the company at $965 billion. Alphabet has not disclosed its ownership percentage. Investors reportedly expect Anthropic to seek up to $100 billion in its IPO, but neither that amount nor the roughly $2 trillion valuation is a commitment.
A listing would give Anthropic a public market price, moving Alphabet’s shares into marketable securities that are repriced each quarter. Alphabet’s Q2 net income included a $98 billion net gain in “other income,” mainly unrealized equity gains. A higher Anthropic valuation could boost that line without changing revenue or operating income; a share-price drop could produce a loss. Gains would not become cash unless Alphabet sells shares, and taxes on them are mostly deferred.
