Amazon’s Anthropic stake could be worth $258bn at the IPO midpoint

Amazon’s early investment in Anthropic would be worth about $258 billion at the midpoint of the proposed IPO pricing range, The Information reported, citing the AI company’s updated filing from Tuesday. The figure covers a stake of around 20%, bought with roughly $18.6 billion.

A 20% stake held back by a 12% cap

According to The Information, the filing shows how many shares Amazon and Google will each own, and what the two companies have earned on their early backing. Neither will hold voting shares, which the outlet says means antitrust regulators have less reason to worry about their influence over management.

Amazon’s position is split in two, the outlet says. In theory it could own around 20% of Anthropic’s outstanding shares, but a self-imposed ownership cap keeps it at no more than 12%. The remainder sits in convertible notes that can turn into equity over time. The $258 billion figure ignores the cap and values the whole stake. The Information also points to a Financial Times report suggesting the final IPO price could end up above the preliminary range.

These details come from The Information’s reading of the filing. We could not open the filing itself or the paywalled article, so the share counts and percentages are the outlet’s, not ours.

A cheaper route into Anthropic, on paper

The Information frames Amazon and Google as an indirect way to get exposure to Anthropic without buying its stock directly. The logic is simple: a large holding in a fast-rising company can move the parent’s results, and the filing shows how large these two holdings are.

The context is already visible in our earlier coverage. As we reported, the price range sets the top of Anthropic’s valuation, with chipmakers among the buyers. That is the yardstick against which an investment made years earlier is now being measured.

What the figures do not establish

The $258 billion is a paper value at the midpoint of a preliminary range, not a sale price or a cash return. Because of the cap, the equity Amazon can hold directly is smaller than that figure suggests, and the notes would convert only over time. The public text of The Information’s article does not say how much Google’s stake is worth, how many shares it holds or what it has earned, so those details remain unconfirmed here.

The final price can still differ from the range, and the outlet itself notes that it may come in higher. Anyone weighing Amazon or Google as a proxy for Anthropic should read the filing directly, since the share counts and the conversion terms of the notes decide how much of that value ever reaches either company’s balance sheet.