How much private AI do you actually own?

Amazon (AMZN)

The balance-sheet carrying value, remeasured to observable prices. The closest thing to a look-through valuation any of these filings contains.

The cleanest look-through number any of these companies discloses: a carrying value, remeasured to observable prices, in a sentence that names the issuers. It is a combined line, so it cannot be split between Anthropic and OpenAI without guessing — and we do not guess.

“As of December 31, 2025 and June 30, 2026, equity investments in private companies not accounted for under the equity-method, which primarily relate to nonvoting preferred stock in Anthropic and preferred stock in OpenAI, had a carrying value of $16.2 billion and $122.3 billion, with adjustments for observable changes in prices or impairments representing Level 3 fair value measurements recognized in "Other income (expense), net" on our consolidated statements of operations.”

What was actually paid in. A floor on what the stake is worth, never the value of it.

The original convertible-note position, since converted to nonvoting preferred. Shown because the gap between this and the carrying value above is the entire return on the trade.

“Non-Marketable Investments Anthropic - From Q3 2023 to Q4 2025, we invested $8.0 billion in convertible notes from Anthropic, which are classified as available-for-sale and reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" and as Level 3 assets.”

A guarantee or a credit facility. Downside without ownership — the opposite shape of what someone buying the proxy for upside expects.

A facility that expires 30 months after an Anthropic liquidity event, so it is also a dated statement that Amazon expects one.

“Under this financing arrangement, in Q2 2026, we exercised our option to participate in subsequent Anthropic equity financings by investing $5.0 billion in Anthropic Series H nonvoting preferred stock, which reduced the amount available under the facility to $15.0 billion.”

Alphabet (GOOGL)

The balance-sheet carrying value, remeasured to observable prices. The closest thing to a look-through valuation any of these filings contains.

Alphabet never names a private investee in this filing. Search it for 'Anthropic' and the only hits are the word 'philanthropic'. So the widely repeated GOOGL-as-an-Anthropic-proxy trade cannot be sized from Alphabet's own disclosure, and we will not size it from a press report.

“As of June 30, 2026, the carrying value of our non-marketable equity securities accounted for under the measurement alternative was $124.3 billion, of which $87.9 billion was remeasured at fair value during the three months ended June 30, 2026 and was primarily classified within Level 2 o f the fair value hierarchy at the time of measurement.”

Money promised and not yet paid, usually contingent on milestones. Exposure to a future decision, not to a current stake.

Milestone-contingent through 2030 and accounted for as an equity derivative. Not money spent, and not attributable to a named company.

“As of June 30, 2026, this amount includes $20.0 billion of future capital funding commitments with a private company contingent upon the achievement of specified operational and 24 financial milestones through 2030, which is accounted for as an equity derivative.”

A stake that has already listed. Included because a proxy that stops being a proxy is the most common way this kind of trade ends.

Sits in marketable equity securities now, with a further $14.1 billion restricted through the third quarter of 2027. This is what a private-exposure proxy looks like after the proxy stops being a proxy.

“… ts: Marketable equity securities (2) 14,126 0 14,126 Total $114,695 $129,082 $256,600 (1) Includes $80.0 billion of Space Exploration Technologies Corp.”

Microsoft (MSFT)

A disclosed percentage interest with no dollar figure attached, so it cannot be converted into a per-$10,000 number.

The largest single disclosed claim on OpenAI in any public company's filings, and it comes with no dollar figure attached. Microsoft accounts for it under HLBV, so the balance-sheet carrying amount tracks OpenAI's book value rather than its market value, and cannot be used as a look-through price.

“We have an investment accounted for under the equity method that represents an approximate 25 % interest on an as-converted basis.”

What was actually paid in. A floor on what the stake is worth, never the value of it.

Cash funded, not value. Treat it as the floor: whatever the 25% interest is worth, Microsoft paid this for it.

“We have made total funding commitments of $13.0 billion related to our investment, of which $11.9 billion has been funded as of June 30, 2026.”

NVIDIA (NVDA)

A guarantee or a credit facility. Downside without ownership — the opposite shape of what someone buying the proxy for upside expects.

Not a stake. NVIDIA's disclosed OpenAI exposure in this filing is a lease guarantee cap — downside without ownership, which is the opposite shape of what someone buying NVDA for OpenAI exposure thinks they are getting.

“The campus will exclusively host our compute under 20-year leases to OpenAI, subject to limited exceptions, with our obligation capped at $105 billion in the aggregate, subject to certain conditions including SB Energy, the lessor, satisfying applicable ready-for-service conditions.”