Amazon's Anthropic Stake Grows to $74 Billion Ahead of IPO Filing

Amazon's $8 billion investment in Anthropic has grown to a stake valued at roughly $74 billion as of March 31, according to a quarterly filing released in late April. The company reported holding $42.2 billion in Anthropic convertible notes and $32 billion in nonvoting preferred stock at that date. The value of these holdings may have risen further since March 31.

Anthropic filed confidentially for an IPO on Monday. The startup reached a $965 billion valuation earlier this year after climbing from $183 billion and then $380 billion in prior rounds. Amazon recorded $12.3 billion in "Other income" during the first quarter of 2026 from upward adjustments tied to its Anthropic holdings.

The company also recorded approximately $3.3 billion and $4.5 billion in gains from note conversions in 2025 and early 2026.

Services offers Anthropic models through its Bedrock service, giving the startup access to corporate customers. Anthropic is also a major AWS customer with large commitments for Amazon's Trainium AI chip. In April, Amazon committed an additional $5 billion to Anthropic and up to $20 billion in future funding.

Last week, Amazon deployed $5 billion from this commitment as part of Anthropic's latest funding round. The partnership allows Amazon to profit from both investment gains and infrastructure spending by the AI startup.