Anthropic has applied to list on the Nasdaq, and Amazon carried its holdings in the company at about $239 billion on Sept. 30. The Motley Fool's Daniel Sparks thinks a listing gives Amazon investors a market price to check that estimate against, and it could make Amazon's profits swing more.
Anthropic has applied to list its stock on the Nasdaq under the symbol "ANT," but its amended filing on Nov. 2 still gave no price range. IFR reported that the company plans to begin its roadshow on Nov. 9 and price the deal the following week, citing a person familiar with the process.
Amazon shareholders have a lot riding on the outcome. The company has put $18 billion into Anthropic since 2023, and its balance sheet carried those holdings at about $239 billion on Sept. 30.
What Amazon owns
The stake has two parts. The first is $8 billion in convertible notes bought from 2023 through 2025, and the unconverted ones are convertible into around 1.84 billion shares, according to Anthropic's filings.
The second is preferred stock. Amazon owned 164 million preferred shares on Sept. 30, and each converts into 10 shares of nonvoting common stock at an initial public offering.
The notes carry a cap, however. Unless Amazon waives it, each note converts only up to the point where Amazon would own 12% of Anthropic's capitalization.
A $239 billion estimate awaits a market price
Amazon carried its preferred stock at $92.5 billion on Sept. 30, up from $14.8 billion at the end of 2025. The notes climbed to $146.2 billion from $45.8 billion, and together the two came to around $239 billion.
Once Anthropic trades, investors can check those figures. According to the article, every $10 of Anthropic's share price would be worth around $16 billion on the 1.64 billion common shares the preferred stock converts to.
Earnings could swing with Anthropic's share price
Amazon's other income hit $68.4 billion in the first nine months of 2026, up from $14.1 billion a year before, and Amazon said the gain was mainly from Anthropic. Earnings per share almost doubled to $10.42 in the same period.
An IPO could make such swings routine. Amazon carries its stakes in publicly traded companies at fair value, so Anthropic's share price might begin moving Amazon's net income every quarter, in either direction.
Source: The Motley Fool
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