Amazon's Stake in Anthropic Is Now Big Enough to Move Its Earnings. Here's How That Compares to Alphabet's Stake in SpaceX.
Amazon and Alphabet are benefiting from their massive investments in AI and space companies, but those investments come with greater exposure to private-market valuations and liquidity constraints.
Amazon's investment in Anthropic has expanded beyond a mere gamble, now contributing over $50 billion in non-operating pretax income to the tech giant's financial statements. This significant sum is primarily derived from revaluations of Amazon's stake in Anthropic. Amazon has committed $13 billion to the company so far, with the share's carrying value nearing $190 billion as Anthropic's private-market valuation approaches the trillion-dollar threshold.
This robust financial stake is complemented by a comprehensive commercial partnership, with Anthropic pledging over $100 billion over a decade to utilize AWS technologies and Amazon's proprietary Trainium chips. This arrangement grants Amazon access to up to 5 gigawatts of compute capacity necessary for training and running Anthropic's Claude models on Amazon's cloud infrastructure.
Consequently, Amazon derives benefits from two angles: the mark-to-market gains on its equity investment and the substantial spending Anthropic commits to AWS in the long term.
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