The One Line in Anthropic's S-1 That Amazon Investors Should Read First
Key Points
Reports suggest that Anthropic is eyeing an IPO on a scale similar to SpaceX's.
Anthropic is currently valued at $965 billion.
Amazon was an early backer of Anthropic, having invested $13 billion into the AI lab.
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New reports indicate that artificial intelligence (AI) lab Anthropic could file its S-1 by the end of the month. Below, I'll detail why Anthropic's public debut carries outsize implications for major backers like Amazon (NASDAQ: AMZN), whose growth is intertwined with the start-up's trajectory.
Image source: The Motley Fool.
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Reviewing Anthropic's funding and IPO ambitions
Reports from Bloomberg suggest Anthropic is aiming for an initial public offering (IPO) that matches or exceeds Space Exploration Technologies' record raise from earlier this summer. Anthropic has already raised roughly $133 billion to date, most recently in a $65 billion Series H round that valued it at $965 billion. This near-trillion-dollar figure reflects Anthropic's explosive growth, with recent quarterly revenue surpassing $11.5 billion and an annualized run rate approaching $65 billion.
Why Amazon investors should pay attention to Anthropic's IPO
Amazon investors have good reason to monitor the Anthropic offering. Amazon has already invested $13 billion in Anthropic, with commitments for up to an additional $20 billion contingent on commercial milestones.
Beyond simple equity ownership, the partnership between Amazon and Anthropic runs deep through AWS. Anthropic uses Amazon's custom silicon for training and inference, including a massive deployment under Project Rainier that utilizes over 1 million Amazon Trainium chips, complemented by its Graviton processors.
Anthropic's Claude models power a number of features on Amazon Bedrock for more than 100,000 customers. Meanwhile, the company has pledged more than $100 billion in AWS spending over the next 10 years to secure up to 5 gigawatts of capacity.
Assessing Amazon's upside
Anthropic's S-1 will provide more precise disclosure around Amazon's ownership. With exact percentages known, investors can better model the position's value. Accurate knowledge of the value of Amazon's stake can help improve forecasts of AWS' revenue acceleration and operating margin expansion driven by Anthropic's compute demands. In turn, I think a fundamental rerating in Amazon stock could follow as investors gain a deeper understanding of Anthropic's influence on Amazon's position in the AI infrastructure supercycle.
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Adam Spatacco has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.
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