Anthropic IPO would hand VCs billions, with Amazon set to gain most

VCs will make billions on Anthropic’s IPO, but Amazon is set to make much (much) more

Anthropic's S-1 shows several venture firms expect to make billions from an IPO, and Amazon could come out with the largest financial gain. Amazon has invested about $18 billion in total, and its convertible notes were valued at $97.9 billion as of June 30. Converting those notes into shares is capped at a 12% stake, but Amazon can waive that cap.

Why it matters: Amazon's stake and cloud contracts tie it to Anthropic's growth, so an IPO would pay it twice: equity gains plus ongoing cloud revenue.