Anthropic files for Nasdaq IPO under "ANT"

Amazon's Anthropic position has two very different halves. The $8 billion in convertible notes are revalued every quarter, which is why their carrying value jumped to $146.2 billion from $45.8 billion at the end of 2025. The preferred stock, by contrast, only moves when there is an observable price change like a new funding round, and it was already at $92.5 billion on June 30. That accounting split explains why the combined figure rose so sharply during the year even though the two parts moved on different schedules.

The notes also carry a conversion cap: unless Amazon waives it, each note converts only up to the point where Amazon would own 12% of Anthropic's capitalization, with the remainder rolling into future quarters or repaid in cash at maturity. That cap, plus the 164 million preferred shares converting into 10 common shares each, sets the mechanical link between Anthropic's IPO price and the value Amazon reports.

Anthropic's revenue reached $33.2 billion over the first nine months of 2026, up from $2.5 billion a year before. That growth is the backdrop for a listing that would give Amazon investors a market price to check against the company's own $239 billion estimate — an estimate that already reflects discounts for lack of marketability.