Amazon has transformed its $8 billion investment in artificial intelligence startup Anthropic into one of the most lucrative bets in its history. According to a report by Business Insider, based on a quarterly filing from late April, Amazon's stake in Anthropic is now worth approximately $74.2 billion on paper, reflecting the company's meteoric rise in valuation.
Anthropic's Valuation Surge
Founded in 2021, Anthropic has seen its valuation climb from $61.5 billion last year to $183 billion, then $380 billion earlier this year. Most recently, the company achieved a valuation of $965 billion, surpassing rival OpenAI as the world's most valuable AI startup. Amazon's holdings in Anthropic include $42.2 billion in convertible notes and $32 billion in nonvoting preferred stock, which together account for the $74.2 billion figure disclosed in the filing.
Gains Flowing into Amazon's Earnings
The investment has already boosted Amazon's financial results. In the first quarter of 2026 alone, the company recorded $12.3 billion in "Other income" from upward adjustments tied to Anthropic. Amazon also booked $3.3 billion and $4.5 billion in gains from note conversions in 2025 and early 2026. The latest valuation marks a sharp increase from the $61 billion stake value disclosed in February.
Amazon's relationship with Anthropic extends beyond equity. Through AWS Bedrock, Amazon offers Anthropic's models to corporate customers, while Anthropic itself is a major AWS client, committing to Amazon's Trainium AI chips. This dual relationship allows Amazon to profit both from investment gains and cloud infrastructure spending.
Additional Commitments
In April, Amazon pledged an additional $5 billion investment in Anthropic, with up to $20 billion more in future commitments. Last week, it deployed $5 billion from this commitment as part of Anthropic's latest funding round, further deepening its ties to the AI lab.
Amazon to Invest Up to $25 Billion in Anthropic
In April this year, Amazon CEO Andy Jassy announced plans to invest up to $25 billion in Anthropic, expanding their partnership to build out AI infrastructure. According to a report by CNBC, the deal includes an immediate $5 billion investment, with up to $20 billion more tied to commercial milestones. This comes on top of the $8 billion Amazon has already invested in Anthropic in recent years. As part of the agreement, Anthropic said it will spend more than $100 billion on Amazon Web Services (AWS) technologies over the next decade, including current and future generations of Trainium, Amazon's custom AI chips. Anthropic has secured up to 5 gigawatts of capacity for training and deploying its Claude AI models, with nearly 1 gigawatt of Trainium2 and Trainium3 capacity expected to come online by the end of the year.
Amazon CEO Andy Jassy highlighted the significance of the partnership: "Anthropic's commitment to run its large language models on AWS Trainium for the next decade reflects the progress we've made together on custom silicon, as we continue delivering the technology and infrastructure our customers need to build with generative AI."
