Amazon's $13 billion investment in Anthropic is now booked at $190.4 billion in the company's latest quarterly filing, a 14.6x gain. The jump lifted Amazon's Q2 net income and comes as Anthropic's valuation keeps climbing ahead of a possible IPO.
Amazon poured $13 billion into Anthropic. Its latest quarterly filing values that stake at $190.4 billion, a 14.6x gain that has turned the artificial intelligence bet into one of the company's most valuable assets.
The paper gain lifted Amazon's Q2 net income to $62.64 billion, as the company booked $53.39 billion in non-operating income from the revaluation.
A 21% stake split across two instruments
Amazon holds a 21% stake in Anthropic, built from an $8 billion investment in 2024 and another $5 billion added this year. At the end of Q1, the stake stood at $74.2 billion — $42.2 billion in convertible notes and $32 billion in nonvoting preferred stock — implying an Anthropic valuation of about $353 billion at the time.
Anthropic then raised $65 billion in late May at a $965 billion valuation and filed a confidential draft S-1 with the SEC, the first step toward an IPO. By Q2, Amazon's convertible notes had climbed to $97.9 billion and its preferred stock to $92.5 billion, for a combined stake of $190.4 billion.
AWS growth accompanies a $3 trillion market cap
Amazon shares jumped 20% after the earnings report, pushing the company's market capitalization to about $3 trillion.
Q2 revenue reached $200.6 billion, with North America growing 16% to $116.2 billion and International climbing 15% to $42.2 billion. AWS revenue itself soared 37%, generating $16.6 billion in operating income, and Amazon raised its full-year capex forecast from $200 billion to $220 billion.
Anthropic is becoming a major AWS customer in its own right: it has committed more than $100 billion in cloud spending over the next decade, and Amazon has agreed to provide up to five gigawatts of capacity along with updated Trainium chips. Amazon also has the option to invest another $20 billion in Anthropic, contingent on performance milestones.
Secondary markets price the stake even higher
On secondary markets, Anthropic carries a $1.2 trillion valuation, which would put Amazon's stake as high as $252 billion. Whether that materializes depends on if and when Anthropic goes public, but either way Amazon keeps benefiting: the equity stake keeps appreciating, and Anthropic remains a paying AWS customer.
It's a paper gain on a $13 billion investment that, in all likelihood, will keep growing.
Sources: Fool, Crypto Briefing
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