Anthropic’s IPO Could Be a $240 Billion Moment for Amazon (AMZN)

The article argues that Amazon could be a major financial winner from a potential Anthropic IPO. Anthropic, valued recently at about $965 billion and implied by secondary trading near $1.2 trillion, could create a paper gain of roughly $180 billion to $240 billion for Amazon, which owns an estimated 15% to 20% stake after investing more than $13 billion. Amazon already booked $16.8 billion in pre-tax gains from the stake in Q1 2026, including a $12.3 billion mark-to-market uplift. Beyond investment gains, Anthropic’s public listing could reinforce AWS demand because much of the IPO capital is expected to flow into cloud infrastructure, Trainium chips, and compute capacity. KeyBanc reiterated an Overweight rating and lifted its price target to $335, citing strong AWS growth. The tone is bullish on AMZN, though the article notes some institutional caution as fund ownership declined quarter-over-quarter.