ANTHROPIC'S IPO REVEALS A WILD CONFLICT OF INTEREST Anthropic just filed its public S-1 to list on Nasdaq under the ticker $ANT. The filing shows two of its biggest strategic partners are also its investors, suppliers, distributors, and competitors. Amazon $AMZN and Google $GOOGL are simultaneously: - Suppliers: Anthropic has committed at least $110B to AWS and $110B to Google Cloud. - Distributors: 47% of Anthropic's 2025 revenue came through their cloud marketplaces, which charge fees on those sales. - Investors: Both hold major stakes in Anthropic. - Chip makers: Anthropic uses Amazon’s Trainium chips and Google’s TPUs to train and run Claude. Both companies are building their own AI models to compete with Claude. And they’re already booking the valuation as profit. Amazon recorded a $53.4B pre-tax gain in Q2, primarily from its Anthropic stake. Alphabet booked a $28.7B gain in Q1. Anthropic itself warned in the S-1 that these relationships could create conflicts of interest and affect its access to compute. The hyperscalers have not given it all the capacity it wants, in part because they increasingly see it as a rival. Amazon now carries its Anthropic stake at $190.4B, up from $74.2B a quarter earlier. So when Anthropic’s valuation rises, its rivals’ profits rise too. Is $ANT’s biggest risk its own partners?