Anthropic, the AI lab behind the Claude models, is preparing for a major milestone with its upcoming initial public offering (IPO). The company has applied to list its stock on the Nasdaq under the symbol "ANT," though its amended filing on November 2 did not specify a price range. Financial news service IFR reported that Anthropic plans to begin its roadshow on November 9 and price the deal the following week, citing a person familiar with the process.
Amazon, which has invested heavily in Anthropic, holds a significant stake in the company. As of September 30, Amazon's balance sheet carried its Anthropic holdings at around $239 billion, nearly four times the amount at the end of 2025. Amazon's investments include $8 billion in convertible notes and $5 billion in preferred stock, with additional commitments up to $20 billion. The stake is about 8% of Amazon's market value, with shares trading at roughly $267 as of this writing.
Anthropic's revenue has surged, reaching $33.2 billion in the first nine months of 2026, up from $2.5 billion a year earlier. This growth has significantly impacted Amazon's earnings, with Amazon's earnings per share almost doubling to $10.42 in the same period. However, the volatility of Anthropic's valuation could lead to swings in Amazon's profits, as the stake is carried at fair value and subject to market fluctuations.
The IPO will provide a market price for Amazon's stake, allowing investors to assess its true value. While the stake is a valuable asset, its performance should be evaluated separately from Amazon's core operating income. The listing could also bring a one-time boost to Amazon's earnings if the convertible notes are converted at a higher value.