VCs will make billions on Anthropic's IPO, but Amazon stands to make far more

Anthropic's S-1 shows no venture firm owns even 5% of the company, so backers such as Menlo Ventures, Sequoia and Spark Capital will make billions without large percentage stakes; at the $965 billion private valuation, Menlo's roughly $14 billion position is about 1.5%. Amazon looks like the biggest winner. It holds $6.2 billion in convertible notes, which its own filings valued at $97.9 billion as of June 30, and they could convert into as many as 1.84 billion shares, subject to a 12% ownership cap Amazon can waive. Amazon has invested about $18 billion in total, and Anthropic has committed to spend at least $110 billion on AWS over 10 years. Google also stands to gain from its stake and at least $114 billion in cloud commitments through 2033.