Anthropic S-1: Amazon Notes Hit $97.9B as Q2 Revenue Tops $11.6B

A closer examination of San Francisco-based Anthropic’s initial public offering registration statement with the Securities and Exchange Commission reveals extraordinary financial and governance mechanics: Amazon’s $6.2 billion in principal convertible notes were valued on Anthropic’s balance sheet at $97.9 billion as of June 30, 2026 (TechCrunch report by Marina Temkin), second-quarter revenue surged 144% quarter-over-quarter to $11.6 billion alongside $661.5 billion in long-term compute commitments (San Francisco Examiner and The San Francisco Standard), and public shareholders will not even select a majority of the company’s board of directors (TechCrunch report by Tim Fernholz).

Amazon’s $97.9 Billion Note Valuation and $110 Billion AWS Commitment

According to TechCrunch’s analysis of the S-1, Amazon has invested $18 billion in Anthropic to date, structured primarily through two instruments that avoid triggering regulatory control thresholds:

• $6.2 Billion in Convertible Notes Valued at $97.9 Billion: Carried at a fair value of $97.9 billion as of June 30, 2026, the notes convert into up to 1.84 billion nonvoting shares, with Amazon’s ownership capped at 12% of partially diluted shares at the time of the IPO.
• $10 Billion in Q2 Nonvoting Preferred Stock & $110 Billion AWS Deal: In the second quarter of 2026, Amazon invested an additional $10 billion in nonvoting preferred stock as Anthropic committed to spend $110 billion over 10 years on Amazon Web Services infrastructure, centered on AWS Trainium chips. Anthropic also disclosed a separate $114 billion cloud computing commitment to Google running through 2033.

$11.6 Billion Q2 Revenue, $974 Million Operating Profit, and $661.5 Billion in Compute Contracts

As detailed by Troy Wolverton in the San Francisco Examiner and Natallie Rocha in The San Francisco Standard, Anthropic’s core Claude business is growing at a pace rarely seen in public market history:

• Revenue & Operating Profitability: Revenue reached $11.6 billion in the June 2026 quarter, up 144% from $4.75 billion in Q1 2026 and up more than tenfold from $919 million in Q2 2025. That top-line surge produced $974 million in Q2 operating profit and $3.4 billion in operating cash flow across the first half of 2026 (even as a $74.7 billion non-cash accounting mark-to-market adjustment on convertible notes resulted in a $72.2 billion net loss for the six-month period).
• $661.5 Billion in Non-Cancellable Compute Commitments Through 2036: To train and serve future frontier models, Anthropic has signed $661.5 billion in non-cancellable cloud and data center commitments through 2036—including $68.1 billion due in the second half of 2026 and $130.6 billion due in 2027.
• $1.25 Billion Monthly SpaceX Deal: Among its compute agreements, Anthropic began paying Elon Musk’s SpaceX $1.25 billion per month in July 2026 to lease AI compute capacity, while SpaceX and its xAI subsidiary purchased $375 million in Claude API credits.

Why the Long-Term Benefit Trust and 7 Founders Control Anthropic Post-IPO

Investors buying Class A common stock (carrying 1 vote per share) under the proposed ticker ANTH will have virtually no ability to overhaul Anthropic’s leadership, according to TechCrunch.

First, Anthropic’s seven co-founders—led by CEO Dario Amodei and President Daniela Amodei—hold Class F shares that dynamically adjust to maintain 50.1% of total shareholder voting power for up to 10 years after the IPO. Second, an independent body called the Long-Term Benefit Trust holds special Class T shares that give the Trust sole authority to elect and remove a majority of Anthropic’s board of directors (currently 3 of 5 board seats, expanding to 5 of 9 seats within one year of the IPO). The four-member Trust is chaired by Neil Shah and includes former Federal Reserve Chair Ben Bernanke, Center for a New American Security CEO Richard Fontaine, and Harvard physicist Christopher Stubbs.