Scotiabank: Anthropic IPO Would Turn Alphabet and Amazon Stakes Into Publicly Priced Assets

The real story here is valuation mechanics, not the IPO itself: Scotiabank's estimates imply Anthropic exposure sits inside Alphabet and Amazon shares at private marks, so a listing would reprice that exposure daily and make the two hyperscalers partial AI proxies. Amazon's larger relative stake means its shares carry more of that beta. The flagged cloud-customer relationship adds a second layer — Anthropic's spending is both an equity asset and a revenue line for the same companies. Whether public markets would apply a different multiple to those stakes than private marks is the open question.