Amazon.com AMZN shares rose 1.15% to $270.00 as of 9:53 a.m. ET in regular trading on November 10, after Anthropic priced its IPO range at $70 to $78. The same filing disclosed that $579.3 million of Amazon convertible notes will become 276,827,518 Class N shares just before the deal closes. The filing calls that the maximum Amazon can receive without breaching an ownership cap.
The block is only part of the exposure. Amazon put the carrying value of its Anthropic investments at $190.4 billion in a July disclosure. Yahoo Finance’s review of the filings also shows Amazon agreed to provide up to $15 billion more financing tied to compute milestones. Anthropic has committed about $450 billion to cloud spending, including deals with Amazon, after posting $16.3 billion of first-half revenue.
My math puts the converted block at $19.4 billion at the bottom of the range, $20.5 billion at the midpoint and $21.6 billion at the top. Once Anthropic trades, every swing in its price could flow…
