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Anthropic's stock market filing shows Amazon stands to gain most from its listing

According to Anthropic's IPO filing, no venture firm owns 5% of the AI company, which TechCrunch calls highly unusual. At its $965 billion private valuation, even large stakes are small percentages. Amazon structured much of its investment as convertible notes, debt that turns into shares at a listing. The notes have $6.2 billion in principal, but Amazon's own filings valued them at $97.9 billion as of June 30. Amazon has invested about $18 billion in total, and Anthropic has committed to spend at least $110 billion on Amazon's cloud over ten years. Google also holds a stake and has at least $114 billion in cloud commitments from Anthropic through 2033.

Why it matters: It shows how closely the big AI labs are tied to the cloud companies that fund them, and that much of that money comes back as cloud spending.
From filingsTechCrunch