GoKawiilAnthropic S-1 shows Amazon's convertible notes valued near $98 billion ahead of IPO
Anthropic's IPO filing reveals that venture firms like Menlo Ventures, Sequoia, Sound Ventures and Spark Capital each hold less than 5% of the company, despite multi-billion-dollar stakes, because Anthropic's valuation of $965 billion makes even small percentages worth billions. Amazon, which invested through convertible notes rather than upfront equity, holds notes with $6.2 billion in principal that Amazon itself values at $97.9 billion as the company's valuation has risen. Anthropic recorded a $72.4 billion non-cash charge in the first half of 2026 reflecting the rising value of these notes and other instruments.