Deep dive · AI lab funding

Who owns and funds Anthropic

Anthropic is private, and only one public company discloses its stake in any detail: Amazon. Amazon’s filings describe $18 billion invested, $15 billion more available under a credit facility, a commitment from Anthropic to AWS of more than $100 billion, and gains on the stake large enough to move Amazon’s earnings. This page brings those disclosures together, each quoted from the filing.

Amazon has invested in Anthropic notes and preferred stock since 2023: $18B; Amazon has invested in Anthropic notes and preferred stock since 2023
financing facility that opens as AWS delivers compute ($15B still available): $20B; financing facility that opens as AWS delivers compute ($15B still available)
Anthropic’s expanded commitment to AWS, over ten years: $100B+; Anthropic’s expanded commitment to AWS, over ten years
of gains Amazon recorded in six months, mostly on its Anthropic stake: $62.8B; of gains Amazon recorded in six months, mostly on its Anthropic stake

The short answer

Amazon is the only large public company whose SEC filings describe its investment in Anthropic. It invested $8.0 billion in Anthropic convertible notes between 2023 and 2025, part of which has converted to nonvoting preferred stock, and $10.0 billion in nonvoting preferred stock in the second quarter of 2026. It has also agreed a financing facility of up to $20 billion that opens as AWS delivers computing capacity.

Other companies have been reported as Anthropic investors, but their filings don’t describe any stake. We searched the latest 10-K and 10-Q of Alphabet, Microsoft and Nvidia: none names Anthropic. A company only has to disclose an investment when it is material to its own results, so silence in a filing is not evidence that a stake doesn’t exist. It does mean the size and terms aren’t public in the way Amazon’s are.

So this page answers a narrower question than “who owns Anthropic?”: what a public company has disclosed about its money in Anthropic, and what Anthropic has committed to it in return.

How Amazon built its stake

Amazon’s 10-K describes the stake being built in steps. From the third quarter of 2023 to the fourth quarter of 2024 Amazon invested $5.3 billion in Anthropic convertible notes, followed by $1.3 billion in the second quarter of 2025 and $1.4 billion in the fourth, for $8.0 billion in all. Portions of the notes converted to nonvoting preferred stock during 2025 and early 2026, and each conversion released a gain that Amazon had been carrying in other comprehensive income.

In the second quarter of 2026 Amazon invested $5.0 billion in Anthropic’s Series G nonvoting preferred stock and, using an option under its new financing arrangement, another $5.0 billion in its Series H. Everything Amazon holds is nonvoting, and on an IPO or other liquidity event its notes would convert to nonvoting common stock subject to an ownership cap.

Amazon: $8.0B in convertible notes, 2023–2025
“From Q3 2023 to Q4 2025, we invested $8.0 billion in convertible notes from Anthropic, which are classified as available-for-sale and reported at fair value with unrealized gains and losses included in "Accumulated other comprehensive income (loss)" and as Level 3 assets.”
Amazon 10-Q, filed July 31, 2026
Amazon: Anthropic Series G
“In Q2 2026, we invested $5.0 billion in Anthropic Series G nonvoting preferred stock.”
Amazon 10-Q, filed July 31, 2026
Amazon: What happens at an Anthropic IPO
“In the event Anthropic consummates an IPO or other liquidity event, then-outstanding notes would be converted to nonvoting common stock, subject to our ownership cap, and nonvoting preferred stock would be converted to nonvoting common stock.”
Amazon 10-Q, filed July 31, 2026

A credit line that opens as AWS delivers

The most unusual piece is the financing facility, of up to $20 billion. Nothing could be drawn at the start. Amounts become available as AWS reaches delivery milestones for compute capacity under the amended commercial arrangement, and Anthropic draws them at its discretion in exchange for new convertible notes, or after an IPO, common stock. The facility runs until 30 months after a liquidity event.

In plain terms, Amazon will lend Anthropic money as Amazon delivers the computing Anthropic has agreed to buy. Amazon’s $5.0 billion Series H investment was made under the arrangement and cut the amount still available to $15.0 billion. It is vendor financing in its plainest form: the supplier funds the customer’s purchases from the supplier, and is repaid in the customer’s equity.

Amazon: Up to $20B facility, released as compute is delivered
“Additionally, we entered into a financing arrangement to make available to Anthropic an aggregate facility not to exceed $20.0 billion that will expire 30 months after an Anthropic liquidity event, including an initial public offering ("IPO").”
Amazon 10-Q, filed July 31, 2026
Amazon: How the Anthropic facility opens
“At inception, there is no amount available to be drawn against and as we reach certain delivery milestones of compute capacity under the amended commercial arrangement, amounts under this facility are made available for Anthropic to draw upon at its discretion.”
Amazon 10-Q, filed July 31, 2026
Amazon: $5.0B in Series H preferred, drawn from the facility
“Under this financing arrangement, in Q2 2026, we exercised our option to participate in subsequent Anthropic equity financings by investing $5.0 billion in Anthropic Series H nonvoting preferred stock, which reduced the amount available under the facility to $15.0 billion.”
Amazon 10-Q, filed July 31, 2026

Anthropic’s commitment to AWS

Anthropic’s side is a commitment to AWS. In the second quarter of 2026 the two expanded their existing multi-year commitment by more than $100 billion over ten years, including contractual obligations related to the performance of AWS’s own chips. AWS’s own chips are Trainium, Amazon’s in-house accelerator, so the commitment ties part of Anthropic’s computing to Amazon’s silicon rather than to merchant GPUs.

For Amazon’s shareholders, this is where the Anthropic stake meets AWS’s growth. A commitment of this size becomes AWS revenue as the capacity is delivered and used, and it supports the case for the capex Amazon is spending. It also concentrates risk: a large share of the new capacity is being built for a customer that Amazon is also helping to fund.

Amazon: Commitment to AWS expanded by more than $100B over 10 years
“In Q2 2026, AWS and Anthropic announced an expansion of the strategic collaboration and existing multi-year commitment by more than $100.0 billion over 10.0 years, which includes contractual obligations related to the performance of AWS chips.”
Amazon 10-Q, filed July 31, 2026

How the stake moves Amazon’s earnings

The stake now moves Amazon’s earnings. Amazon recorded $50.5 billion of upward adjustments to its private-company investments in the second quarter of 2026 and $62.8 billion over the first half, primarily its Anthropic preferred stock, reflecting the prices at which Anthropic raised money. Those gains are in net income and earnings per share but not in operating income, and they are not cash.

They are taxed as if they were. Amazon’s income tax provision for the first half of 2026 included $15.9 billion of net discrete tax expense, mainly from the upward adjustments to its Anthropic investments. For comparison, Amazon’s operating income over its latest four quarters was $93.7B. Reading Amazon’s results without separating these gains would overstate what its businesses earned.

Amazon: Gains on its Anthropic stake
“The upward adjustments relating to equity investments in private companies of $50.5 billion in Q2 2026 and $62.8 billion for the six months ended June 30, 2026 reflect observable changes in prices, primarily from our nonvoting preferred stock in Anthropic.”
Amazon 10-Q, filed July 31, 2026
Amazon: Tax on Amazon’s Anthropic gains
“Our income tax provision for the six months ended June 30, 2026 was $27.8 billion, which included $15.9 billion of net discrete tax expense primarily attributable to the upward adjustments to our investments in Anthropic.”
Amazon 10-Q, filed July 31, 2026

What it adds up to

Amazon has invested $18 billion in Anthropic and kept $15 billion more available under the facility, and Anthropic has committed more than $100 billion back to AWS. Compared with OpenAI, whose funding runs through Microsoft, Amazon, Nvidia, AMD and CoreWeave, the disclosed side of Anthropic’s funding is concentrated in a single company. That makes it simpler to follow and also more concentrated for Amazon, which in 2026 became a large shareholder in OpenAI as well.

What to watch in Amazon’s filings: further draws on the facility (they show how much computing AWS is delivering), new investment gains or losses, the tax that comes with them, and any change to Anthropic’s commitment. If Anthropic files for an IPO, its own prospectus would replace this page’s partial picture with a full one.

For the other leading lab, see who funds OpenAI; for every link between suppliers and customers in the stack, the money-loop map; and for whether the whole build-out has run ahead of itself, is AI a bubble?

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Questions about Anthropic’s owners and funding

Who owns Anthropic?

Anthropic is a private company, so its full ownership isn’t public. Amazon is the only large public company whose SEC filings describe its stake in detail: $8.0 billion of convertible notes since 2023 and $10.0 billion of nonvoting preferred stock in 2026. Alphabet, Microsoft and Nvidia don’t name Anthropic in their latest 10-K or 10-Q.

How much has Amazon invested in Anthropic?

$18 billion disclosed so far: $8.0 billion of convertible notes between 2023 and 2025, and $5.0 billion each of Series G and Series H nonvoting preferred stock in the second quarter of 2026. Amazon has also agreed a financing facility of up to $20 billion, of which $15 billion remains available.

Does Google own part of Anthropic?

Alphabet’s latest 10-K and 10-Q don’t name Anthropic, so its filings don’t tell us the size or terms of any stake. Companies only have to disclose investments that are material to their own results.

Does Amazon control Anthropic?

Amazon’s filings describe its holdings as nonvoting preferred stock and convertible notes that would convert to nonvoting common stock on an IPO, subject to an ownership cap. Amazon accounts for the investment as a variable interest that it does not consolidate, because it is not the primary beneficiary.

How much has Anthropic committed to AWS?

In the second quarter of 2026, AWS and Anthropic expanded their existing multi-year commitment by more than $100 billion over ten years, including obligations related to the performance of AWS’s own chips.

How does Anthropic affect Amazon’s earnings?

Through gains on its stake. Amazon recorded $62.8 billion of upward adjustments to private-company investments in the first half of 2026, mainly its Anthropic preferred stock, and $15.9 billion of related tax expense. The gains are in net income but not in operating income, and they are not cash.

Is Anthropic a public company?

No. Amazon’s filings describe what would happen to its holdings if Anthropic completed an IPO or other liquidity event, but Anthropic’s shares are not publicly traded.

Research and education, not investment advice: nothing here is a recommendation to buy or sell any security. Figures come from companies’ SEC filings as reported; companies named were chosen because they show how the stack works, not as a view on their shares.