Amazon quietly owns a fifth of Anthropic — a stake the market largely hasn't priced
pdamodaran · x · 2026-10-29
DalalBytes breaks down Amazon's Anthropic position: $18B invested across 2023-2026 ($8B convertible notes in five tranches, then $10B non-voting preferred in Q2 2026), carried at $190.4B ($17.66/AMZN share, 7% of market value). Filings imply 1/5 economic exposure; a 12% conversion cap keeps excess in fair-valued rollover notes. At $1.5T/$2T Anthropic valuations the claim is worth $27.82/$37.09 per AMZN share — yet no major analyst SOTP model itemizes it, and the equity claim is largely unpriced beyond the $110B AWS cloud commitment.
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