Anthropic could go public as soon as October 2026 at a valuation near $2 trillion; at that price, analysts estimate Amazon’s stake could be worth $300 billion to $400 billion. Amazon’s cloud AI strategy centers on Claude, and it has no comparable in-house frontier model.
Under an expanded deal announced April 20, 2026, Anthropic committed to spend more than $100 billion over 10 years on AWS technologies and secured up to 5 gigawatts of Trainium capacity. Anthropic said more than 100,000 customers access Claude through Amazon’s Bedrock platform.
Amazon’s filings put the carrying value of its Anthropic holdings at $190.4 billion in June 2026; the company reported $16.8 billion in pre-tax gains from them in Q1 2026. Anthropic also secured multiple gigawatts of Google- and Broadcom-co-designed TPU capacity in April and began hiring for an in-house chip-design team in August, steps that could help it develop alternatives to Trainium. Amazon raised its 2026 capital-expenditure plan to about $220 billion, mainly for AI infrastructure; its company-defined trailing 12-month free cash flow was negative $7.6 billion through June 30.
