Amazon may be the biggest winner in Anthropic's IPO, not venture capital firms

According to TechCrunch's analysis of Anthropic's S-1 filing, venture capital holdings total less than 5%, while Amazon could be the largest financial beneficiary. Amazon holds $6.2 billion in convertible notes with a principal value, estimates its own portfolio at $97.9 billion, and has invested another $10 billion in non-voting preferred shares, totaling approximately $18 billion; Anthropic also committed to spending at least $110 billion on AWS over the next 10 years.