Anthropic closed July with an annualized revenue run rate of $65 billion, up roughly 600% from the end of 2025. Preliminary second-quarter revenue came in around $11.5 billion, about 14 times the same period last year. The private AI company has filed confidential IPO paperwork and was last valued at $965 billion in a private funding round. Amazon (AMZN), as both a major shareholder and cloud provider, is emerging as a central beneficiary.
Amazon is Anthropic’s largest corporate backer, having invested roughly $13 billion so far, with the option to commit up to $33 billion. It holds a minority stake and no board seat. As of the end of June, Amazon’s stake in Anthropic was valued at $190.4 billion, including $97.9 billion in convertible notes and $92.5 billion in nonvoting preferred stock, based on a May funding round that valued Anthropic at $965 billion.
In July, secondary markets valued Anthropic at $1.2 trillion, implying an Amazon stake worth about $252 billion. More recent estimates put the valuation at $2 trillion or higher. If Anthropic completes an IPO at that level, Amazon’s stake would be worth roughly $420 billion.
Quarterly figures show how quickly the position has grown. At the end of March, Amazon’s Anthropic stake was worth $74.2 billion, or 3.43% of Amazon’s market capitalization. By the end of June, it had risen to $190.4 billion, or 7.42%. At a $1.2 trillion valuation, the stake would represent 8.95% of Amazon’s value; at a $2 trillion valuation, about 14.92%.
Beyond equity gains, Amazon benefits directly from its commercial relationship with Anthropic. The AI company has committed to spending $100 billion on Amazon cloud services over the next 10 years and has secured up to 5 gigawatts of capacity running on Amazon’s in-house AI chips. That commitment could expand if Anthropic’s revenue keeps growing. For Amazon Web Services, Anthropic is a major customer.
Anthropic has been quick to disclose revenue but slower to reveal costs. Frontier model development is extremely expensive, and costs currently appear to be scaling alongside revenue. Reports of operational profitability exclude model development costs, which limits their significance. If Anthropic cannot pay its bills, partners could face receivables risk. An eventual IPO will force more detailed financial disclosure, and market reaction remains uncertain.
In the short term, Amazon’s $13 billion investment has produced significant paper gains, and the cloud order book provides revenue support. Over the long term, Anthropic’s ability to sustain profitability amid high model-building costs will determine the ultimate quality of Amazon’s bet. Whether Amazon is the biggest winner remains an open question until more financial details emerge.
