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Amazon's investment in Anthropic has become one of the most lucrative bets in the cloud giant's history.
Amazon's original $8 billion investment in the AI startup has swelled into a stake worth roughly $74 billion on paper as Anthropic's valuation has soared, according to a quarterly filing from late April.
In the filing, Amazon said that as of March 31, it held about $42.2 billion worth of Anthropic convertible notes and $32 billion worth of Anthropic nonvoting preferred stock.
Taken together, those holdings were worth roughly $74.2 billion at that time. The value of these stakes may have risen further since then.
Amazon's growing Anthropic holdings, accumulated through late 2023 to 2025, are coming into greater focus as the AI startup readies an initial public offering. On Monday, Anthropic said it had filed confidentially filed for an IPO.
The AI startup was valued at $61.5 billion in a funding round last year before climbing to $183 billion and then $380 billion earlier this year. More recently, Anthropic reached a $965 billion valuation, surpassing OpenAI as the world's most valuable AI startup.
The gains have already started flowing through Amazon's financial results.
In the first quarter of 2026 alone, Amazon recorded $12.3 billion in "Other income" as a result of "upward adjustment" tied to its Anthropic holdings, according to the quarterly filing. The company also said it previously recorded approximately $3.3 billion and $4.5 billion in gains from note conversions in 2025 and early 2026.
The latest figure is up from the roughly $61 billion value Amazon previously disclosed for its Anthropic stake in February.
Amazon's relationship with Anthropic goes beyond ownership. Amazon Web Services, the world's largest cloud provider, offers Anthropic models through its Bedrock service. That's given the startup access to valuable corporate customers.
The AI startup is also a major AWS customer, with large commitments for its Trainium AI chip, allowing Amazon to profit from both its investment gains and its spending on cloud infrastructure.
In April, Amazon invested an additional $5 billion in Anthropic and up to an additional $20 billion in the future. Last week, Amazon deployed $5 billion from this commitment as part of Anthropic's latest funding round.
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Eugene is Business Insider’s Chief Tech Correspondent, where he leads coverage of Amazon. His reporting spans the company’s retail operations, AWS, Alexa, and its secretive internal work culture.Previously, he worked at CNBC, Fortune Magazine Korea, and Japan's Yomiuri Shimbun. He holds degrees from NYU and Columbia University’s Graduate School of Journalism.In 2022, Eugene broke a story uncovering Amazon’s practice of deceptively enrolling customers in Prime and deliberately making cancellation difficult. A year later, the Federal Trade Commission sued the company, citing his reporting. That case culminated in a record $2.5 billion settlement in 2025.His reporting has earned multiple honors, including the SF Press Club’s Bay Area Journalism Award and SPJ NorCal’s Excellence in Journalism Award.Eugene lives in the Bay Area. Contact him via email at ekim@businessinsider.com, or Signal, Telegram, or WhatsApp at 650-942-3061. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely. ExpertiseAmazon, Jeff Bezos, Andy Jassy, e-commerce, and cloud computing.Popular ArticlesAmazon:Internal Amazon emails give an exclusive look at how CEO Andy Jassy has started to run the company, with obsessive attention to the retail business and what some employees feel is micromanagingAndy Jassy will be the next CEO of Amazon. Insiders dish on what it's like to work for Jeff Bezos' successor, who built AWS into a $40 billion business.Internal documents show Amazon has for years knowingly tricked people into signing up for Prime subscriptions. 'We have been deliberately confusing,' former employee says.Inside Amazon's flailing brick-and-mortar ambitions: missed projections, pressure to cut costs, and a war with Whole FoodsInside Amazon's complex employee-review system, where workers feel left in the dark and managers expect to give 5% of reports bad reviewsAfter 28 years, 'Day 2' finally arrives at AmazonAWS, Alexa, healthcare:Inside Amazon's struggle to break into the lucrative market for SaaS business applications, including an internal pitch to buy $38 billion HubSpotInside Amazon's struggle to crack Nvidia's AI-chip dominanceAmazon's AI data center dream runs into the reality of 'zombie' facilities, higher costs, and labor shortagesAmazon is gutting its voice assistant, Alexa. Employees describe a division in crisis and huge losses on 'a wasted opportunity.'Amazon is working on a new 'Remarkable Alexa,' but internal politics and technical issues plague the projectAmazon projected huge losses from its healthcare business in 2024, but strong sales growth, internal document reveals
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