Anthropic公开后，许多投资者会大赢。 包括Menlo Ventures、Sequoia、Sound Ventures和Spark Capital在内的公司持有的股份预计将会归还数十亿美元。
然而，根据Anthropic的S-1，这些越共公司中没有一个拥有5%，这是被列入主要股东表格的门槛。 这是非常不寻常的。 在一个典型的技术IPO中，领头风险投资者在其支持的创业企业中持有两位数的股份。 原因是Anthropic的大小。 在9,650亿美元的私人估值中，1%的股权价值近100亿美元，因此，例如，根据最近报道的彭博公司数字，门洛大约140亿美元的地位只占该公司的1.5 %。
虽然风险公司可能缺乏相当比例的股份，但Anthropic向战略伙伴出售了大额股份，而战略伙伴公司也是其商业伙伴。 事实上，Amazon可能是IPO最大的单一金融受益者。
Amazon在2023年首次支持了Anthropic，承诺向AI公司投资高达40亿美元。 此后，Amazon又向Anthropic注入了数十亿。 Amazon没有预先取出股票，而是将其大部分投资结构为可兑换的指出，这种债务在IPO或出售时转换为股票。
根据S-1,Amazon持有可兑换的指出，截至6月30日本金欠款为62亿美元。 这是Anthropic的全部债务。 但随着Anthropic的估值在相继的融资回合中飙升，这些指出会转换为更有价值的股份。 兹克截至6月30日，1Z自己的申报价值为979亿美元。
由于Amazon可兑换的指出的价值激增，Anthropic不得不记录其账上欠下的价值不断增长。 它在“可兑换指出、衍生负债和免赔额的公允价值变动”项下列报了收入报表的调整数，该行2026年上半年共计724亿美元。 这笔费用是非现金的，意味着公司没有钱了。
Amazon的指出可以转换成多达18.4亿股，根据S-1. 但上限将Amazon限制在Anthropic的"部分被稀释"股份计分的12%，这个数字计算出一些尚未发行的股票，如股票期权。 Amazon可以放弃上限。 无法转换的指出会保持未变
但指出只是Amazon控股的一部分。 根据Amazon关于6月30日终了期间的季度报告，它在第二季度还投资了100亿美元，用于无表决权的首选股票(一种股本)。 Amazon为此在Anthropic最后两轮的融资中每轮投资50亿美元。 加上从2023年到2025年其在指出投资了80亿美元，带来总投资约180亿美元。
除了股票收益之外，Amazon还将继续从Anthropic获得可观的收入，后者承诺在未来10年中至少花费1100亿美元用于AWS.
Google也被设定为从上市和其云计算处理Anthropic的重大暴利。 根据纽约时报报道的法庭档案，搜索巨头截至去年初持有约14%的Anthropic, (Google在随后的和大规模的融资回合中很可能被稀释了，由PitchBook分析师Harrison Rolfes告诉了TechCrunch，他估计其目前的股份接近5.6%. 它还从Anthropic到2033年获得了至少1 140亿美元的云量承诺。
虽然VC被设定为大规模发薪日没有什么理由抱怨，但S-1明确指出，Anthropic的IPO的最大赢家很可能是像Amazon这样的技术巨头，这些巨头支持了未来竞争对手的早起，现在出售了它运行的大部分计算能力。
S-1本身是警告，一些云提供商也建立了相匹敌的AI模型，他们可能并不总是想要和Anthropic一样的东西。
本文由 AI宝库自动抓取并翻译，版权归原作者所有；如需查看原文请点下方链接。
Many investors stand to win big when Anthropic goes public. Stakes held by firms including Menlo Ventures, Sequoia, Sound Ventures, and Spark Capital are expected to return billions.
Yet according to Anthropic’s S-1, none of those VC firms owns 5%, the threshold for being included in the principal stockholders’ table. That’s highly unusual. In a typical tech IPO, lead venture investors hold double-digit-percentage stakes in the startups they backed. The reason is Anthropic’s size. At its $965 billion private valuation, a 1% stake is worth nearly $10 billion, so, for example, Menlo’s roughly $14 billion position is only about 1.5% of the company, according to recently reported Bloomberg figures.
While the venture firms may lack sizable percentage stakes, Anthropic sold large stakes to strategic partners, companies that are also its business partners. Indeed, Amazon is likely the single largest financial beneficiary of the IPO.
Amazon first backed Anthropic in 2023 with a commitment to invest up to $4 billion in the AI company. Since then, Amazon has poured billions more into Anthropic. Instead of taking stock upfront, Amazon structured much of its investment as convertible notes, a type of debt that converts into shares upon an IPO or sale.
According to the S-1, Amazon holds convertible notes with $6.2 billion in principal outstanding as of June 30. That is Anthropic’s entire debt load. But as Anthropic’s valuation soared across successive funding rounds, the shares those notes will convert into became far more valuable. Amazon’s own filings valued its note holdings at $97.9 billion as of June 30.
As the value of Amazon’s convertible notes surged, Anthropic had to record the growing value of what it owes on its books. It reported the adjustments on its income statement under “change in fair value of convertible notes, derivative liabilities, and SAFEs,” a line that totaled $72.4 billion for the first half of 2026. The charge is non-cash, meaning no money left the company.
Amazon’s notes could convert into as many as 1.84 billion shares, according to the S-1. But a cap limits Amazon to 12% of Anthropic’s “partially diluted” share count, a figure that counts some shares not yet issued, such as stock options. Amazon can waive the cap. Notes that can’t convert will stay outstanding and convert in later quarters, subject to the same limit.
But the notes are only part of Amazon’s holdings. It further invested $10 billion in nonvoting preferred stock (a type of equity), in the second quarter, according to Amazon’s quarterly report for the period ended June 30. Amazon did this by investing $5 billion in each of Anthropic’s last two funding rounds. Combined with the $8 billion it invested in the notes from 2023 through 2025, that brings Amazon’s total investment to about $18 billion.
Beyond its stock gains, Amazon will also continue to earn significant revenue from Anthropic, which has committed to spend at least $110 billion on AWS over the next 10 years.
Google, too, is set for a major windfall from both the listing and its cloud computing deals with Anthropic. The search giant held about 14% of Anthropic as of early last year, according to court filings that were reported by The New York Times, and has invested more since, including $10 billion in April. (Google was likely diluted in subsequent and massive funding rounds, with PitchBook analyst Harrison Rolfes telling TechCrunch he estimates its current stake at closer to 5.6%.) It has also secured at least $114 billion in cloud commitments from the Anthropic through 2033.
While VCs set for massive paydays have little reason to complain, the S-1 makes it clear that the biggest winners of Anthropic’s IPO may well be tech giants like Amazon, which backed a would-be rival early on and now sell it much of the computing power it runs on.
The S-1 itself warns that some of those cloud providers also build rival AI models and that they may not always want the same things that Anthropic does.
Auto-fetched and translated by AI Gem Box. All rights belong to the original author.