More on the Anthropic IPO: our Anthropic IPO storyline page collects our pieces on it.
This morning a box landed on your porch. Tonight you might stream a show on Prime Video, or ask Claude to untangle the family budget. All three lean on Amazon: Claude is trained and run on four chip families, one of them Amazon’s Trainium. Claude’s maker, Anthropic, plans to list on Nasdaq as ANT at $70 to $78 a share around November 19.
Everyone knows Amazon owns a big slice, worth $134 billion to $272 billion at the price range once its convertible notes are counted, as we sized in Anthropic IPO Or Amazon, Google, Microsoft Stock? Fewer notice what that slice has done to Amazon’s reported profit.
Each time Anthropic raised money at a higher price, Amazon marked its stake up and booked the gain as income: $62.8 billion in the first nine months of 2026, plus $4.5 billion released when notes converted. AWS earned $48.6 billion of operating income in those months. Those gains flatter the…
