Amazon’s investment in Anthropic could produce one of the largest gains from the AI company’s planned public offering. Anthropic’s filing says Amazon held convertible notes with $6.2 billion in principal outstanding on June 30, while Amazon valued those holdings at $97.9 billion.
Convertible notes begin as debt and turn into shares under specified conditions. Anthropic says Amazon’s notes could convert into as many as 1.84 billion shares, although a cap initially limits Amazon to 12% of a partially diluted share count. Notes above that limit would remain outstanding and could convert in later quarters. Anthropic recorded a $72.4 billion non-cash fair-value charge in the first half of 2026 as the value of its note obligations increased.
Amazon also invested $10 billion in nonvoting preferred stock during the second quarter, bringing its reported total investment to about $18 billion. The relationship extends beyond ownership: Anthropic has committed to spend at least $110 billion on AWS over 10 years. These figures describe contractual holdings and accounting values before an IPO. The eventual gain depends on conversion terms, dilution, market pricing and any restrictions on selling shares after the listing.