VCs will make billions on Anthropic's IPO, but Amazon is set to make much (much) more
Anthropic's S-1 shows no venture firm owns 5% or more, which is unusual for a tech IPO, because at a $965 billion private valuation even Menlo Ventures' roughly $14 billion position is only about 1.5%. Amazon is likely the largest financial beneficiary: it holds $6.2 billion in convertible-note principal, valued at $97.9 billion as of June 30, convertible into up to 1.84 billion shares subject to a 12% partially diluted cap, on top of about $18 billion invested in total. Anthropic has also committed at least $110 billion to AWS over 10 years, while Google holds an estimated 5.6% plus at least $114 billion in cloud commitments through 2033, making the cloud giants the IPO's biggest winners.
SOURCES
- TechCrunch AI2026-10-28 01:15