Venture capital firms including Menlo Ventures, Sequoia, Sound Ventures, and Spark Capital expect multi-billion dollar returns from the upcoming Anthropic IPO. Despite these gains, none of these firms hold a 5% stake, which is the threshold for inclusion in the principal stockholders' table. This is due to the company's private valuation of $965 billion, where even a 1.5% stake represents a position worth approximately $14 billion.
Amazon stands to be the primary beneficiary of the IPO. The company holds convertible notes with a principal of $6.2 billion as of June 30, which Amazon valued at $97.9 billion in its own filings. These notes can convert into up to 1.84 billion shares, subject to a 12% cap on the partially diluted share count. Additionally, Amazon invested $10 billion in nonvoting preferred stock during the second quarter of 2026.
The total investment from Amazon in Anthropic reaches approximately $18 billion. Beyond equity, Anthropic has committed to spending at least $110 billion on Amazon Web Services over the next decade. Google also maintains a significant stake, estimated at 5.6%, and has secured cloud service commitments from Anthropic totaling at least $114 billion through 2033.
Anthropic reported a non-cash charge of $72.4 billion in the first half of 2026 related to the fair value adjustment of its convertible notes and derivative liabilities. The company's S-1 filing notes that cloud providers, which are also major investors, develop competing AI models, creating potential conflicts of interest regarding the strategic direction of the business.
