Google is investing up to $40 billion in AI company Anthropic. The first $10 billion comes based on Anthropic's current $380 billion valuation, with the remaining $30 billion tied to specific performance targets, Bloomberg reports.

The deal extends a long-running partnership. Google has already put more than $3 billion into Anthropic since 2023 and most recently held about 14 percent of the company, according to the New York Times. Earlier this month, Anthropic locked in 5 gigawatts of computing capacity through a deal with Google and Broadcom. Just days earlier, Amazon had committed up to an additional $25 billion to Anthropic.

CEO Dario Amodei has pointed to surging demand for the Claude AI model to justify the deals, and he sees no slowdown in AI scaling. The company now pulls in more than $30 billion in annual recurring revenue, with an IPO expected in the coming months.