Amazon may profit more than VCs from Anthropic’s planned IPO
Original title: VCs will make billions on Anthropic’s IPO, but Amazon is set to make much (much) more
Amazon’s convertible notes were valued at $97.9 billion as of June 30, capped at 12% of partially diluted shares.
According to Anthropic’s S-1, firms including Menlo Ventures, Sequoia, Sound Ventures and Spark Capital are expected to make billions, yet none owns 5%. Amazon holds the company’s entire debt as convertible notes with $6.2 billion principal, plus $10 billion of nonvoting preferred stock. Anthropic has committed at least $110 billion to AWS over 10 years. Google held about 14% early last year and has at least $114 billion in cloud commitments through 2033.
Unconfirmed: A PitchBook analyst estimates Google’s current stake at about 5.6% after dilution; that figure is not from the S-1.
- At a $965 billion private valuation, a 1% stake is nearly $10 billion.
- Menlo’s roughly $14 billion position is about 1.5% of Anthropic.
- Amazon’s total investment is about $18 billion, including $8 billion in notes.
- Notes could convert into as many as 1.84 billion shares, subject to a 12% cap.
- A non-cash fair-value charge of $72.4 billion hit first-half 2026 results.
- Products
- AWS
From the original article
3 min read at techcrunch.com
Massive note conversions reveal the true extent of Amazon's ownership in Anthropic.
By Marina Temkin · techcrunch.com
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