--- title: "Amazon Lends Anthropic $15 Billion to Buy $110 Billion of AWS Capacity From Amazon" description: "A new Anthropic S-1 line shows Amazon lending the lab up to $15 billion tied to compute-delivery milestones, while nearly half of Anthropic's revenue now books gross through cloud marketplaces Amazon partly owns. Inside Amazon, a July-dated internal forecast shows Alexa+ being routed away from Claude to cut a $1.7 billion cloud bill." publisher: "The Inference" section: "Deals" published: 2026-10-27T13:42:01.880Z modified: 2026-10-27T13:42:01.880Z canonical: https://theinference.org/article/amazon-lends-anthropic-15-billion-to-buy-110-billion-of-aws-capacity-from-amazon language: en keywords: "Anthropic, Amazon, AWS, IPO, Cloud Computing" --- # Amazon Lends Anthropic $15 Billion to Buy $110 Billion of AWS Capacity From Amazon > A new Anthropic S-1 line shows Amazon lending the lab up to $15 billion tied to compute-delivery milestones, while nearly half of Anthropic's revenue now books gross through cloud marketplaces Amazon partly owns. Inside Amazon, a July-dated internal forecast shows Alexa+ being routed away from Claude to cut a $1.7 billion cloud bill. [Anthropic](https://theinference.org/markets/companies/anthropic), the AI lab behind Claude, [filed its S-1 on October 26](https://theinference.org/article/anthropic-s-s-1-puts-an-80-7-billion-half-year-loss-behind-a-2-trillion-ipo-ask) for a Nasdaq listing under the ticker ANT, and the filing puts a number on who pays for the AI buildout's biggest contract stack: disclosed compute commitments of roughly $780–810 billion, about $261.3 billion of it falling after 2030, against $132 billion of cash and $10.8 billion of remaining performance obligations at June 30 [1]. [Amazon](https://theinference.org/markets/companies/amazon) sits on every side of that stack. It reports earnings on October 29, and the Anthropic lines in this filing are the ones its own numbers now lean on [1]. ## The lender, the landlord and the customer are the same company Of the [up-to $77 billion in partner note facilities](https://fundaai.substack.com/p/researchant-s-1-review-and-first) Anthropic can draw on, $15 billion is Amazon's, tied to compute-delivery milestones; Amazon already holds $6.2 billion of Anthropic convertible notes and has poured in $13 billion of equity, capped at 12% of the company [1][2]. *Chart: **Amazon is in for up to $34.2 billion across its loan, equity and notes** Bar chart showing Amazon's exposure to Anthropic: an up-to $15 billion partner note facility, $13 billion of equity invested and $6.2 billion of convertible notes held.* *Amazon's disclosed positions in Anthropic: an undrawn partner note facility of up to $15 billion tied to compute-delivery milestones, $13 billion of equity invested (capped at 12%) and $6.2 billion of convertible notes held. Sources: Anthropic S-1 via FUNDA; CNBC, October 2026. [1][2]* The pattern is simple: Amazon lends the lab the money that buys the AWS capacity, then sells the capacity under a $110 billion deal running through April 2036 that Anthropic cannot cancel except for material breach; the contract is take-or-pay, meaning the spend is committed regardless of usage, with a true-up requiring Anthropic to pay any shortfall if its spend comes in under the floor [2]. AWS capacity for Anthropic only began coming online in May 2026, so the revenue is still arriving [1]. ## Gross revenue flatters the top line, and the clouds take their cut When customers buy Claude through the AWS, GCP or Azure marketplaces, Anthropic books the full amount as revenue and the cloud provider's cut lands in Anthropic's own sales-and-marketing line. Marketplace revenue was 11% of the total in 2023, 32% in 2024, 47% in 2025 and 48% in the first half of 2026 [1]. *Chart: **Nearly half of Anthropic's revenue now books gross through cloud marketplaces** Bar chart showing cloud marketplace share of Anthropic revenue climbing from 11 percent in 2023 to 32 percent in 2024, 47 percent in 2025 and 48 percent in the first half of 2026.* *Share of Anthropic revenue booked through cloud marketplaces (AWS, GCP, Azure), gross. Source: Anthropic S-1 via FUNDA, October 27, 2026. [1]* On second-quarter revenue of $11.56 billion, about $46 billion annualized, that 48% gross share points to roughly $5.5–6 billion a quarter of billings moving through cloud marketplaces, and the split by cloud is undisclosed [1]. ## Amazon is already trimming its own Claude bill The complication is that Amazon is trimming its own use of the product it finances. Business Insider reported in July that [internal forecasts put Alexa+'s AWS cloud costs at roughly $1.7 billion in 2026](https://www.businessinsider.com/amazon-alexia-memory-chip-costs-losses-2026-10), nearly triple the prior year, with Amazon working to lower the bill by relying less on Anthropic's models and routing more requests to its own, cheaper systems [3]. The same stretch, Anthropic's revenue retention ran near 900% and consumption revenue was 80% of the total, so demand is not the question; the contract structure is [1][2]. ## Booked revenue or counterparty risk The S-1 leaves third-quarter revenue, liquidity and the price range blank, [all due in the S-1/A before pricing](https://www.cnbc.com/2026/10/26/anthropic-ipo-live-updates-ai-s-1-filing.html) [1]. Anthropic's margins are expected to compress as contracted capacity lands in 2027 and 2028, and roughly $261 billion of its commitments outlast 2030 [1]. Watch whether Amazon's earnings call treats the Anthropic contract as booked revenue or as counterparty risk. The money is the same either way; whose balance sheet it lives on is not. ## Takeaway Anthropic's S-1 shows Amazon on every side of the AI buildout's biggest contract stack: it lends Anthropic up to $15 billion, holds its notes and equity, and collects on a $110 billion take-or-pay AWS deal that money helps fund. ## Sources 1. [FUNDA (Substack), Research|ANT: S-1 Review and First-Cut EPS Model, 27 October 2026](https://fundaai.substack.com/p/researchant-s-1-review-and-first) 2. [CNBC, Anthropic IPO live updates: AI lab's S-1 filing, 26 October 2026](https://www.cnbc.com/2026/10/26/anthropic-ipo-live-updates-ai-s-1-filing.html) 3. [Business Insider, Rising memory costs hit Amazon's hardware business, October 2026](https://www.businessinsider.com/amazon-alexia-memory-chip-costs-losses-2026-10) --- Amazon Lends Anthropic $15 Billion to Buy $110 Billion of AWS Capacity From Amazon — The Inference. Canonical: https://theinference.org/article/amazon-lends-anthropic-15-billion-to-buy-110-billion-of-aws-capacity-from-amazon