Anthropic's Lower IPO Valuation Could Give Google a Larger Ownership Stake

Institutional investors are reportedly encouraging Anthropic to reduce its proposed IPO valuation from approximately $2 trillion to around $1.5 trillion, potentially leaving more room for gains after its market debut.
The valuation debate could have implications for Alphabet $GOOGL. Google reportedly holds an option to purchase up to $10 billion in Anthropic shares at the IPO price.
If the option is exercised on otherwise comparable terms, a lower valuation would allow the same investment to purchase a larger percentage of Anthropic's equity.
For illustration, $10 billion represents approximately 0.67% of a $1.5 trillion valuation, compared with 0.5% at $2 trillion, before accounting for offering structure and dilution.
Neither the final IPO valuation nor Google's eventual investment has been confirmed. The outcome will depend on the offering terms and whether the reported option is exercised.