Key facts
- Amazon's convertible notes in Anthropic were valued at $97.9 billion as of June 30.
- Amazon's total investment in Anthropic is approximately $18 billion.
- Anthropic has committed to spend at least $110 billion on AWS over the next 10 years.
- Google has secured at least $114 billion in cloud commitments from Anthropic through 2033.
Venture capital firms stand to gain billions from Anthropic's upcoming IPO, but Amazon is positioned to be the largest financial beneficiary. While VC firms like Menlo Ventures and Sequoia hold significant stakes, their percentage ownership is diluted due to Anthropic's high valuation. Amazon's investment, structured largely as convertible notes, is valued at $97.9 billion as of June 30, with potential to convert into up to 1.84 billion shares, capped at 12% of the partially diluted share count. Amazon also invested $10 billion in nonvoting preferred stock, bringing its total investment to about $18 billion. Beyond equity gains, Amazon will earn revenue from Anthropic's commitment to spend at least $110 billion on AWS over 10 years. Google is also set for a windfall, having invested significantly and secured $114 billion in cloud commitments.