Amazon set to be biggest winner from Anthropic's IPO

Anthropic's S-1 shows Amazon invested about $18 billion, including $6.2 billion in convertible notes valued at $97.9 billion as of June 30. The notes could convert into up to 1.84 billion shares, capped at 12% of Anthropic's partially diluted share count. Anthropic has committed to spend at least $110 billion on AWS over 10 years.

• Amazon invested about $18B: $8B in notes and $10B in preferred stock
• Amazon's convertible notes are valued at $97.9B on $6.2B principal
• A 12% cap on partially diluted shares limits note conversion
• Anthropic committed to spend at least $110B on AWS over 10 years