Alphabet is investing up to $40 billion in Anthropic, with a $10 billion tranche committed immediately at a $350 billion valuation and an additional $30 billion contingent on Anthropic hitting performance targets, Bloomberg and TechCrunch reported on April 24. The deal is separate from earlier compute agreements and comes as Anthropic's run-rate revenue has crossed $30 billion. Google Cloud is also providing five gigawatts of TPU capacity over five years as part of the arrangement, deepening a relationship that now spans both equity and infrastructure despite the two companies competing directly in the model market.