# Amazon’s Anthropic stake could outstrip venture firms’ IPO gains

- URL: https://talkfuse.com/story/vcs-will-make-billions-on-anthropics-ipo-but-amazon-is-set-to-make-much-much-more/
- Published: 2026-10-28T01:15:28+00:00
- Updated: 2026-10-28T01:22:49+00:00
- Original publisher: TechCrunch
- Original article: https://techcrunch.com/2026/10/27/vcs-will-make-billions-on-anthropics-ipo-but-amazon-is-set-to-make-much-much-more/
- Topics: AI, Business, Companies, Technology

## Key points

- Amazon’s Anthropic notes were valued at $97.9 billion.
- Anthropic has pledged at least $110 billion in AWS spending.
- Venture firms’ stakes are small by percentage at this valuation.

## Summary

Amazon is poised to gain more from Anthropic’s expected IPO than its venture capital backers, reflecting the scale and structure of its investment. The case shows how strategic corporate partners can hold valuable stakes and commercial ties even when traditional venture firms own relatively small percentages.

At Anthropic’s $965 billion private valuation, Menlo Ventures’ reported stake of about $14 billion represents roughly 1.5% of the company; no venture firm owns 5%, the threshold for appearing in its principal stockholders’ table. Amazon’s filings valued its convertible notes at $97.9 billion as of 30 June, and it also holds $10 billion in non-voting preferred stock, bringing its investment to about $18 billion. Anthropic has committed to spend at least $110 billion on AWS over ten years; Google is also expected to benefit, with an analyst estimating its stake at about 5.6%.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.