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

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