Amazon's $190 Billion Bet on Anthropic Could Yield $300-$400 Billion Return
Amazon's massive investment in Anthropic has grown into its most valuable corporate venture investment, with a potential return of $300 billion to $400 billion if the AI lab goes public at a valuation near $2 trillion.
The company's stake in Anthropic, which includes both non-voting preferred stock and convertible notes, is currently valued at $190.4 billion on Amazon's balance sheet, according to its public filings.
This represents around 15% to 20% of Anthropic's ownership, with Alphabet holding around 10% to 15%, as estimated by tech analyst Keithen Drury from Motley Fool.
Amazon's investment in Anthropic is driving AI infrastructure spending, with the company raising its 2026 capital expenditure plan to about $220 billion, primarily driven by AI infrastructure outlays.
However, this partnership also raises concerns for Amazon, as it has no competitive in-house frontier AI model and relies heavily on Anthropic's technology, which could be a risk if the company decides to diversify its offerings after going public.