Venture investors stand to make billions from Anthropic’s IPO, but Amazon is likely to make far more, according to TechCrunch’s reading of the company’s S-1 filing.
Menlo Ventures, Sequoia, Sound Ventures and Spark Capital are among the firms expected to return billions, but none owns the 5% needed to appear in the filing’s principal stockholders table, which TechCrunch calls highly unusual. At Anthropic’s $965 billion private valuation, each 1% stake is worth nearly $10 billion. Menlo’s position of about $14 billion is roughly 1.5%, based on Bloomberg figures.
Amazon first invested in 2023, largely through convertible notes. They carried $6.2 billion in principal at June 30, and Amazon’s own filings valued them at $97.9 billion. They could convert into as many as 1.84 billion shares, with a cap of 12% of the partially diluted share count that Amazon can waive. In the second quarter Amazon also put $10 billion into nonvoting preferred stock, bringing its total investment to about $18 billion.
Anthropic has committed to spend at least $110 billion on AWS over 10 years and at least $114 billion with Google through 2033. Google held about 14% in early 2025, and PitchBook analyst Harrison Rolfes estimates it is closer to 8% now. The S-1 warns that cloud providers building rival models may not always want what Anthropic wants. The article gives no IPO date, price or size.
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Image: New York Stock Exchange Broad Street facade, 20231002 1720 1842.jpg by Jakub Hałun, CC BY 4.0, via Wikimedia Commons. Illustrative photo; it does not show the events described.
