Anthropic could file its S-1 registration by the end of the month, setting up one of the largest IPOs on record after a $65 billion Series H round valued the company at $965 billion. Amazon has poured up to $33 billion into the AI lab, and the filing will finally show investors the exact size of a stake that has already grown far beyond what the company put in.
Anthropic heads toward a record-setting IPO
Amazon investors have a reason to watch Anthropic's paperwork closely. Reports from Bloomberg suggest Anthropic is aiming for an IPO that matches or exceeds SpaceX's record raise from earlier this summer. The AI lab has raised roughly $133 billion to date. Most recently, it closed a $65 billion Series H round that valued it at $965 billion. That $965 billion valuation implies roughly a 20x multiple on annualized revenue, and Anthropic quietly filed a draft S-1 registration statement with the SEC on June 1 without disclosing share count, pricing, or a listing timeline.
Amazon's stake has already multiplied
Amazon has invested $13 billion in Anthropic so far, with commitments for up to an additional $20 billion tied to commercial milestones. According to Crypto Briefing, Amazon's stake was valued at $190.4 billion by the end of Q2 2026, up from $74.2 billion at the close of Q1 — an appreciation of more than $116 billion in a single quarter. That has produced a paper gain of roughly $157 billion on the money Amazon has actually put in, a return of nearly 6x before Anthropic has even priced its IPO.
AWS ties bind the two companies together
The relationship runs deeper than equity. Anthropic uses Amazon's custom silicon for training and inference, including a deployment under Project Rainier that uses over 1 million Amazon Trainium chips. Claude models also power features on Amazon Bedrock for more than 100,000 customers. Anthropic has pledged more than $100 billion in AWS spending over the next 10 years to secure up to 5 gigawatts of capacity.
Governance keeps shareholders at arm's length
Anthropic isn't filing as a typical corporation. It is structured as a Delaware public benefit corporation, with a Long-Term Benefit Trust that holds majority rights in board elections to guard against a takeover that could compromise its stated AI safety mission. Google also holds a significant position in Anthropic, according to Crypto Briefing.
Once the S-1 discloses Amazon's precise ownership percentage, investors will be able to model the position's value more directly — a Motley Fool analyst suggests a rerating in Amazon shares could follow.
Sources: The Motley Fool, Crypto Briefing
Trading involves risk.
Risk Disclaimer
