Amazon's Anthropic notes: $6.2 billion principal, $97.9 billion valuation

Amazon's filings valued its Anthropic convertible notes at $97.9 billion as of June 30, against $6.2 billion in principal outstanding. The notes can convert into up to 1.84 billion Class N shares, subject to a 12% cap that Amazon can waive, according to the S-1 Anthropic filed with the SEC. Anthropic announced the proposed IPO on October 26, 2026.