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

Anthropic's S-1 shows no VC firm holds a 5% stake, but Amazon is likely the IPO's single largest financial beneficiary, holding convertible notes with $6.2 billion in principal outstanding that Amazon valued at $97.9 billion as of June 30, plus $10 billion in nonvoting preferred stock, for a total investment of about $18 billion. Anthropic has also committed to spend at least $110 billion on AWS over the next 10 years, while Google holds a stake and has secured at least $114 billion in cloud commitments through 2033.