Anthropic's potential IPO has created a new public-market question: which listed stock is actually the best Anthropic IPO proxy?
The obvious candidates include Destiny Tech100 ($DXYZ), Zoom Communications ($ZM), Amazon ($AMZN), Alphabet ($GOOG / $GOOGL), SK Telecom and Salesforce ($CRM). But the largest Anthropic shareholder is not automatically the best proxy. What matters is how large the Anthropic position is relative to the public company that owns it.
Anthropic's May 2026 Series H valued the company at $965 billion post-money. Reuters has since reported that an IPO launch is shifting toward mid-October, with a prospectus potentially arriving in late September and a valuation that could reach $2 trillion.
Before Anthropic itself becomes publicly tradable, the better question is simple: for every $100 of value in the listed company, roughly how much is tied to Anthropic?
| Public stock | Current Anthropic exposure | Approx. share of parent value | Proxy view |
|---|---|---|---|
| SK Telecom | ₩3.505T carrying value | ~17–18% | Highest verified corporate materiality |
| Destiny Tech100 ($DXYZ) | $235.7M fair value | 14.42% of NAV | Most direct listed fund wrapper |
| Zoom ($ZM) | $3.13B carrying value | ~10–11% | Most interesting U.S. operating-company proxy |
| Amazon ($AMZN) | $190.4B preferred + notes | ~7% | Huge exposure, diluted by Amazon's size |
| Salesforce ($CRM) | About $5.1B | ~2–3% | Meaningful but secondary |
| Alphabet ($GOOG / $GOOGL) | Reported stake ~14% | ~3.3% (modeling estimate) | Large owner, but weak stock-level sensitivity |
* Alphabet figures use the reported ~14% Anthropic stake as a current modeling estimate. The exact post-Series H fully diluted ownership percentage has not been publicly disclosed.
The ranking is very different from simply asking who owns the most Anthropic.
DXYZ: The Obvious Anthropic Proxy Is Less Pure Than It Looks
Destiny Tech100 is probably the first U.S. ticker many investors associate with private AI exposure.
According to its June 30 filing, DXYZ held economic exposure to Anthropic Series B preferred shares through Magnitude ANC III, LLC. The position had a cost of $107 million and a fair value of $235.7 million, equal to 14.42% of DXYZ NAV.
DXYZ reported NAV of $34.30 per share at the same date. Only about $4.95 per share was attributable to Anthropic.
That is why "Anthropic doubles, therefore DXYZ doubles" is wrong. If Anthropic were repriced from $965 billion to $2 trillion while every other DXYZ asset stayed unchanged, DXYZ NAV would rise by only about 15%.
DXYZ also issues stock through its at-the-market program. Issuing above NAV can be accretive, but if new capital is not invested in Anthropic at the same proportion, Anthropic exposure per DXYZ share declines.
DXYZ is a real Anthropic IPO proxy, but it is better understood as a listed private-tech portfolio containing Anthropic, not a listed version of Anthropic itself.
Source: Destiny Tech100 June 30, 2026 filing
SK Telecom: Anthropic Is Already Big Enough to Change the Company
SK Telecom is the opposite case.
The company recently increased its position to 3,860,330 Anthropic shares, with a reported book value of ₩3.505 trillion, up from ₩1.3762 trillion at the end of 2025.
Against a market capitalization of roughly ₩20 trillion, Anthropic represents around 17–18% of SK Telecom's equity value.
In practical terms, roughly ₩17 to ₩18 out of every ₩100 of SK Telecom market value can currently be associated with Anthropic on a carrying-value basis. That is large enough to change how investors value the company.
It also shows why estimates based on SK Telecom's original investment amount are misleading: they ignore later Anthropic financing rounds and dilution.
SK Telecom is therefore one of the strongest verified corporate Anthropic IPO proxies today. The trade is no longer hidden, however. SK Telecom has already rerated as the value of its Anthropic stake became more visible.
Source: SK Telecom Anthropic holding update
Zoom: The Most Interesting U.S. Corporate Anthropic Proxy
Zoom may be the least obvious name in the group.
In its latest 10-Q, Zoom disclosed that it invested another $300.9 million in Anthropic preferred stock during the first six months of its fiscal year. After Anthropic's May financing, Zoom recorded a $1.613 billion unrealized gain in the quarter.
As of July 31, Zoom's Anthropic preferred stock had a carrying value of $3.1345 billion. For a company with a market capitalization around $30 billion, Anthropic already represents roughly one-tenth of ZM's equity value.
That is large enough that investors should not value Zoom as a normal software company without separating the Anthropic stake. Anthropic's private-market revaluation is also flowing through reported earnings, which can make Zoom's trailing P/E look cheaper than the operating business really is.
A cleaner framework is to value Zoom's operating business, its financial assets and its after-tax Anthropic stake separately.
Zoom is also buying back stock. If its Anthropic position remains broadly stable while the ZM share count falls, Anthropic exposure per remaining Zoom share increases.
Among U.S.-listed operating companies, ZM currently looks like the most interesting Anthropic IPO proxy to model separately.
Source: Zoom July 31, 2026 10-Q
Amazon Owns Far More Anthropic — but Amazon Is Far Bigger
Amazon owns the largest clearly disclosed Anthropic economic position in this comparison.
At June 30, Amazon reported $92.5 billion of Anthropic non-voting preferred stock and $97.9 billion of convertible notes, for a combined carrying value of $190.4 billion.
But Amazon itself is worth roughly $2.8 trillion. Anthropic therefore represents only about 7% of AMZN's equity value.
That is meaningful, but AWS growth, retail margins, advertising, AI infrastructure spending and free cash flow remain much larger drivers of AMZN.
There is also an important accounting point: $190.4 billion does not mean Amazon owns 19.7% of Anthropic. Amazon holds securities with different rights, conversion terms, ownership caps and liquidity discounts.
AMZN therefore offers major Anthropic exposure, but it is better described as a strategic Anthropic investment plus an AWS relationship than as a pure IPO proxy.
Source: Amazon June 30, 2026 10-Q
Google: A Reported ~14% Stake, but Exact Post-Series H Dilution Is Still Unknown
Google is not an unknown Anthropic holder. The best public evidence still points to a reported stake of about 14%.
Court filings disclosed in 2025 showed Google owning roughly 14% of Anthropic, with a contractual ownership cap of 15% and no voting rights, board seat or board-observer rights. More recent 2026 reporting has continued to describe Google as holding about 14% of Anthropic.
That makes 14% a reasonable reported ownership estimate for modeling purposes. What we still do not know is Google's exact post-Series H fully diluted percentage after Anthropic's latest financing rounds and Google's new capital commitments.
Google also agreed in 2026 to invest up to another $40 billion in Anthropic. That additional capital means the final cap table may differ from the historical 14% figure, even if Google remains close to that level.
Using 14% as a modeling estimate, Google's Anthropic exposure at the latest $965 billion valuation would be about $135 billion. Against Alphabet's roughly $4.1 trillion market capitalization, that equals only about 3.3% of Alphabet's equity value.
So Google is a major Anthropic shareholder, but still a relatively weak Anthropic stock proxy because Alphabet itself is so large.
The cleanest wording is therefore:
Reported Anthropic ownership: ~14%. Exact post-Series H fully diluted stake: not publicly disclosed.
Sources: Google's Anthropic stake disclosure, Financial Times on Google's reported ~14% Anthropic stake, and Reuters on Google's 2026 Anthropic investment plan
Salesforce Has Real Exposure, but It Is Secondary
Salesforce said Anthropic represented about 45% of its $11.3 billion strategic investment portfolio as of July 31, or roughly $5.1 billion in carrying value. It also recorded about $3.0 billion of Anthropic-related unrealized gains during the first six months of fiscal 2027.
That is enough to affect reported investment gains, but only a few percent of Salesforce's overall equity value. CRM is therefore a secondary Anthropic exposure rather than a primary IPO proxy.
Source: Salesforce July 31, 2026 10-Q
What If Anthropic Reaches a $2 Trillion Valuation?
If Anthropic moves from its latest $965 billion financing valuation to $2 trillion, and we assume each disclosed stake rises proportionally while every other part of the parent company stays unchanged, the gross sensitivity looks roughly like this:
| Anthropic at $2T | Theoretical added value vs. parent |
|---|---|
| SK Telecom | ~19% of current market cap |
| DXYZ | ~15% of NAV |
| Zoom | ~11% of current market cap |
| Amazon | ~7% |
| Salesforce | ~2–3% |
| Alphabet (modeling estimate) | ~3–4% |
* Alphabet uses the reported ~14% Anthropic stake as a modeling estimate. The exact post-Series H fully diluted ownership percentage has not been publicly disclosed.
These are not stock-price targets. Taxes, preferred-share conversion, IPO lock-ups, liquidity discounts and changes in the parent company's own business can all reduce the direct pass-through.
The table is useful for one reason: it shows which listed companies are actually small enough relative to their Anthropic holdings for the IPO to matter.
Which Is the Best Anthropic IPO Proxy?
There is no single answer.
SK Telecom has the highest verified Anthropic exposure relative to its own corporate value, although the market has already begun repricing it.
DXYZ is the most direct U.S.-listed fund wrapper, but Anthropic represents only 14.42% of NAV.
Zoom is the most interesting U.S.-listed operating-company proxy. Anthropic already represents roughly one-tenth of ZM's equity value, making the stake large enough to matter without overwhelming the core business.
Amazon has enormous Anthropic exposure, but Amazon itself is too large and operationally complex for Anthropic to dominate AMZN.
Alphabet has a reported Anthropic stake of about 14%, but the exact post-Series H diluted percentage is not public. Even at roughly 14%, Anthropic is still only a few percent of Alphabet's equity value.
The key distinction is simple:
The company that owns the most Anthropic is not necessarily the stock that gives public investors the most Anthropic exposure.
For Anthropic IPO proxy trades, the size of the parent company matters just as much as the size of the stake.
Sources
- Anthropic Series H: $65B raise at $965B post-money valuation
- Reuters: Anthropic IPO launch shifts toward mid-October
- Financial Times: Google reported to hold about 14% of Anthropic
- Destiny Tech100 June 30, 2026 filing
- Zoom July 31, 2026 10-Q
- Amazon June 30, 2026 10-Q
- Salesforce July 31, 2026 10-Q
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Disclosure
This article is for research and education only. It is not investment advice. Anthropic ownership figures, proxy percentages and $2 trillion sensitivities are based on public filings and reported disclosures as of the article date; investors should review the latest primary sources before making any investment decision.
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