Amazon's Anthropic stake skyrockets as the AI startup heads for an IPO

Amazon's original $8 billion investment in Anthropic has swelled to roughly $74.2 billion on paper, a late‑April quarterly filing shows. As of March 31 the company held about $42.2 billion of Anthropic convertible notes and $32 billion of Anthropic nonvoting preferred stock, and the filing says those holdings may have risen since then.

Anthropic has confidentially filed for an IPO. Anthropic's valuation has climbed rapidly: it was valued at $61.5 billion in a funding round last year, then rose to $183 billion and $380 billion earlier this year, and more recently reached $965 billion, surpassing OpenAI as the world's most valuable AI startup.

The gains have already affected Amazon's results. In the first quarter of 2026, Amazon recorded $12.3 billion in "Other income" from an "upward adjustment" tied to its Anthropic holdings, and it previously recorded about $3.3 billion and $4.5 billion in gains from note conversions in 2025 and early 2026.

amazon, anthropic, ipo, valuation, convertible notes, preferred stock, investment, note conversions, other income, openai