Google to invest up to $40 billion in Anthropic; $10 billion cash now but sets ‘Performance Targets’ for next $30 billion

Google is putting $10 billion into Anthropic today—and has committed to investing up to $30 billion more, provided the AI startup clears certain performance hurdles. The deal, first reported by Bloomberg, pegs Anthropic’s valuation at $350 billion and is the latest sign that Big Tech’s appetite for frontier AI is nowhere close to slowing down. Beyond the cash, the agreement comes with serious computing muscle. Google Cloud will deliver 5 gigawatts of computing capacity to Anthropic over the next five years—with room to scale further. For context, one gigawatt alone can power roughly 750,000 American homes at any given time.

Claude Code turned Anthropic into a fundraising machine