Amazon's AI bet on Anthropic valued at $60.6 billion

Amazon disclosed that its stake in Anthropic is now worth $60.6 billion, comprised of $45.8 billion in convertible notes and $14.8 billion in nonvoting preferred stock. The company has invested $8 billion in the AI startup since late 2023, a roughly seven-fold increase in value.

The two firms have a deep commercial tie-up: Anthropic has committed to buy 1 million of Amazon's Trainium chips. Anthropic last raised $13 billion in September at a $183 billion post-money valuation, following a March round that valued it at $61.5 billion, and it is in talks for another financing that would push its value toward $350 billion.

Amazon said the convertible notes convert to preferred stock as Anthropic raises capital, generating gains for the cloud giant. Conversions in 2025 produced about $5.6 billion in recognized gains, and Amazon recorded a $7.2 billion upward adjustment to other income in the third quarter.