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Tuesday, October 06, 2026

Anthropic IPO shines light on Gulf’s AI exposure

By Vijay Valecha in 'Century in News'

Anthropic IPO shines light on Gulf’s AI exposure

Vijay Valecha, Tue, Oct 6, 2026 AGBI

Dario Amodei, the CEO and co-founder of Anthropic, which has a projected valuation of $2 trillion

Anthropic’s forthcoming initial public offering is highlighting tangled business relationships in the artificial intelligence industry, raising questions about risk concentration.

Gulf funds are deeply invested in companies across the AI value chain, seeking both portfolio diversification and synergies between chip makers, hyperscalers and developers of large language models (LLMs).

But that apparent diversification can mask exposure to the same intrinsic vulnerabilities as the industry grows more intertwined, industry professionals said.

The developer of Claude follows the June blockbuster listing of Elon Musk’s SpaceX, while Sam Altman’s OpenAI, developer of ChatGPT, has delayed its IPO to 2027, according to Bloomberg.

The Qatar Investment Authority, Emirati fund MGX and the Saudi Public Investment Fund have poured billions of dollars into these companies.

GCC states also have partnerships with Amazon, Microsoft and Google to build data centres and cloud capacity, and are advancing in-house efforts through companies such as the UAE’s G42, Saudi Arabia’s Humain and Qatar’s Qai.

Gulf investments in data centres, chips and cloud are only “economically valuable when there is sustained demand for compute,” said Vijay Valecha, chief investment officer of brokerage Century Financial in Dubai.

Anthropic’s disclosed commitments are to spend at least $518 billion over a decade to build infrastructure with six partners, including Google, Amazon and Microsoft, according to Reuters.

“This creates a strategic feedback loop,” Valecha said. “Gulf capital can finance the infrastructure, while ownership of frontier AI companies provides exposure to the businesses that consume that infrastructure and determine how it is used.”

That same feedback loop is deepening links between the hyperscalers, LLM developers and chip makers, blurring lines between investor, supplier, customer and competitor.

Nearly half of Anthropic’s 2025 sales came through Amazon and Google, Reuters reported, citing the prospectus. The pair are also backers of Anthropic, they supply it with computing power and are rivals through their own products, like Rufus and Gemini.

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AGBI

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