In November 2025, Microsoft said it would invest up to $5 billion in Anthropic and Nvidia up to $10 billion, CNBC reported, in a deal that valued Anthropic in the range of $350 billion. The arrangement linked Anthropic to Microsoft's Azure cloud and Nvidia's chips.
The structure, in which a chip maker and a cloud provider invest in a customer that then buys their products, has become a template across the industry. It was also a precursor to the much larger valuations that followed: Anthropic's Series H in 2026 reportedly valued it at $965 billion, and Microsoft's results later included a $3.2 billion gain from its Anthropic stake.
Source: CNBC