Google announced it would invest up to $40 billion in Anthropic, starting with $10 billion at a $350 billion valuation and releasing the remaining $30 billion as performance milestones are met. Structured as cash plus compute, the deal has Google Cloud delivering five gigawatts of capacity over five years with room for several more later. It came four days after Amazon's $5 billion investment with up to $25 billion total — underscoring again that Google, which builds Gemini in direct competition with Claude, was simultaneously pouring money into its rival. Anthropic's run-rate revenue had gone from $1 billion at the end of 2024 to $9 billion at the end of 2025 and $30 billion by early April 2026.