Amazon

6x gain and contributing significantly to its Q2 net income. This surge highlights Anthropic's rapid growth, driven by strong demand for its Claude model and a recent $965 billion valuation. The deal secures Amazon as a key cloud provider for Anthropic, ensuring long-term revenue commitments and potential further appreciation of the stake. 43% ) has world-class cloud computing and online retail businesses, but its investment in Anthropic is fast becoming one of its greatest assets. 4 billion. 39 billion in non-operating income on its balance sheet.

But the bigger story isn’t about Amazon’s accounting ledger. It's what the revaluation of Amazon’s investment says about Anthropic’s fast-growing value, and what that could mean for Amazon stock down the road. Image source: Amazon. First, let’s look at the raw numbers. Amazon made an $8 billion investment in Anthropic in 2024, and followed that up this year with another $5 billion investment. Amazon reportedly has a 21% stake in the maker of Claude. 2 billion in convertible notes and $32 billion in nonvoting preferred stock. Based on Amazon’s reported 21% ownership, that implies Anthropic’s value at the time was about $353 billion.

However, Anthropic is growing fast. In late May, Anthropic raised $65 billion in a fundraising round, valuing the company at $965 billion. It has also filed a confidential draft S-1 form with the Securities and Exchange Commission -- the first step to filing an IPO. So, when Anthropic does go public, it could raise its value even higher. Now let’s turn back to Amazon. 4 billion. Clearly, Anthropic is becoming much more valuable, particularly as strong demand for its Claude AI is driving rapid revenue growth. Its list of AI enterprise customers includes Cognizant Technology Solutions , which rolled out the Claude model to its 350,000 employees, as well as IBM and Deloitte.

2 trillion valuation on secondary markets. If that’s the case, then Amazon’s stake could be worth up to $252 billion. After a 20% jump following its earnings report, Amazon currently has a market capitalization of about $3 trillion. And make no mistake -- its businesses are doing exceptionally well. 2 billion. 6 billion, and Amazon increased its projected capex for the year from $200 billion to $220 billion as it continues to build out its industry-leading cloud computing division. Anthropic will also be a key customer for Amazon, which obtained more than $100 billion in commitments from the AI start-up over the next decade.

Amazon will provide up to 5 gigawatts of capacity for Anthropic to train and run Claude, and will provide an updated version of its Trainium AI chips and CPUs. Regardless of when -- or if -- Anthropic finally goes public, Amazon will continue to benefit. The value of its equity stake should appreciate, and Anthropic will be a valued Amazon customer.