VCs will make billions on Anthropic’s IPO, but Amazon is set to make much (much) more
Anthropic’s upcoming IPO will hand billions to its venture backers, but Amazon stands to reap the lion’s share, converting $6.2 billion in convertible notes into potentially $98 billion of equity and securing a $110 billion AWS spend commitment. Google also benefits from a sizable stake and cloud deals, underscoring how strategic corporate investors, not traditional VCs, are the biggest winners.