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," and financial news service IFR reported that Anthropic plans to begin its roadshow on November 9, 2026, with pricing set for the following week. However, the amended filing on November 2 did not provide a price range for the shares.
Amazon has a significant stake in Anthropic, having invested $18 billion since 2023. As of September 30, 2026, Amazon's balance sheet carried its Anthropic holdings at around $239 billion, almost 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 convertible notes have a cap, limiting Amazon's ownership to 12% unless waived.
Anthropic's revenue surged to $33.2 billion in the first nine months of 2026, up from $2.5 billion a year earlier. Amazon's earnings per share almost doubled to $10.42 in the same period, driven largely by gains from its Anthropic stake. However, the volatility of these gains could become more pronounced once Anthropic's shares start trading publicly, potentially affecting Amazon's quarterly earnings.
The IPO will provide a market price for Amazon's stake, allowing investors to assess the value of its holdings. While the stake is a valuable asset, analysts suggest focusing on Amazon's operating income rather than the fluctuating value of its Anthropic investment when evaluating the company's performance.