Key Highlights

  • USD 8 billion is the amount Amazon put into Anthropic convertible notes between 2023 and 2025, which convert into non-voting preferred shares, according to a market commentator citing a quarterly filing.
  • About USD 72 billion of Anthropic's USD 80.7 billion first half net loss is an accounting charge on convertible notes, the commentary says, and it grows as Anthropic's valuation rises.
  • About 47% of Anthropic's 2025 Revenue reportedly came through cloud marketplaces, which Amazon (NASDAQ:AMZN) serves with Bedrock, and the commentator says Anthropic books those sales gross.
  • USD 30 billion run-rate was said by OpenAI's revenue chief in an April memo to be closer to USD 22 billion if Anthropic booked cloud resales net, as OpenAI does.

Notes and Credit Line

A market commentator wrote on October 26, 2026 that Amazon put USD 8 billion into Anthropic convertible notes between 2023 and 2025, citing Amazon's quarterly filing. The notes convert into non-voting preferred shares. Amazon (NASDAQ:AMZN) also gives Anthropic a credit line, which is drawn in the same notes as each batch of computing capacity is delivered, and he says the line ends 30 months after a listing. None of this is repaid in cash, he says: at the IPO the notes turn into shares, and the new shareholders split the company with Amazon. He also writes that about USD 72 billion of Anthropic's first half net loss of USD 80.7 billion is an accounting charge tied to such notes.

Bedrock and Gross or Net

Amazon also sells Claude to corporate clients through Bedrock. In the commentary, the client pays the cloud, the cloud keeps a commission and passes the rest to Anthropic. Anthropic books these sales gross, so the full client price is its revenue and the commission sits in its costs, while OpenAI books its Microsoft sales net. He notes US accounting rules allow both. Cloud marketplace sales were reportedly about 47% of Anthropic's 2025 revenue. OpenAI's revenue chief argued in an April memo that, booked net, Anthropic's USD 30 billion run-rate then was closer to USD 22 billion. He adds that the cloud also books its commission as revenue.

Risks and What to Watch

The commentator says part of the same client dollar can be counted twice across the circle, and that the better Anthropic does, the bigger the note-related loss. Balance matters here: the accounting is permitted, the loss is non-cash and the OpenAI memo is a competitor's argument. For Amazon (NASDAQ:AMZN), the exposure is a stake that rises and falls with Anthropic's valuation, and a credit line whose drawdowns follow the pace of delivery of computing capacity. The commentary does not quantify the stake. He expects the final prospectus to confirm or correct the figures, and says Anthropic's IPO may come as soon as November. Until then, the numbers are as reported and not confirmed by the companies.

Where Things Stand

Amazon (NASDAQ:AMZN) holds, in the commentator's account, USD 8 billion of Anthropic convertible notes that convert into non-voting Preferred Shares at the IPO, plus a credit line drawn in the same notes. It also sells Claude through Bedrock. His concern is that gross revenue booking and valuation-linked charges can flatter or distort the picture. Counterpoints are that US accounting rules allow gross and net treatment, and the large charge is non-cash. The final prospectus is the next confirmation, and this is not Investment advice.