Amazon's Anthropic Stake Shifts Earnings, Creating New Business Benefits
Amazon's investment in Anthropic has become a significant contributor to its earnings. In recent quarters, Amazon reported over $50 billion in non-operating pretax income tied to revaluations of its Anthropic stake, a contribution big enough to shift its headline profit numbers on its own.
The company put about $13 billion into Anthropic and its filings show that stake has a carrying value near $190 billion as Anthropic's private-market valuation climbed toward the trillion-dollar mark.
Amazon benefits twice from this investment - once from the mark-to-market gains on its equity and again from Anthropic's long-term commitment to spend heavily with AWS, locking in up to 5 gigawatts of compute capacity to train and run Claude models on Amazon's cloud.