Alphabet (GOOGL 1.73%)(GOOG 2.19%) could be a big winner if Anthropic, the company behind the Claude AI tools, goes public at a valuation of $1 trillion or more. Anthropic has filed a confidential S-1 and could go public within the next few months, with its latest fundraising round occurring at a $965 billion valuation. As of the latest information, Alphabet owns about 14% of Anthropic, stemming from four investments ranging from a $300 million investment in April 2023 to a $10 billion contribution to the latest fundraising round in April of this year. Alphabet has committed to investing an additional $30 billion, contingent on Anthropic meeting performance milestones. In the first quarter of 2026, Alphabet reported its highest single-quarter profit ever, with $28.7 billion of the $62.6 billion total coming from investment gains, mostly from marking up its Anthropic investment. Based on the latest private valuation, Alphabet's stake is worth about $135 billion. If Anthropic hits a $1.5 trillion valuation, Alphabet's investment gains $75 billion; if it rises to a $3 trillion valuation, Alphabet would gain another $210 billion. Alphabet already has a roughly 10x return on the $13.3 billion it has invested. Additionally, as part of Google's latest investment, Anthropic has committed to using at least 5 GW of computing capacity on Google Cloud over the next five