According to CoinMeta, since 2023, Amazon has provided $8 billion in financing to Anthropic through convertible bonds, which can be converted into shares rather than cash for repayment. Currently, Anthropic still has $6.2 billion in unpaid debt. Amazon's conversion price is between $2.09 and $5.05 per share, while public investors have to pay around $70 to $78 per share in IPO. According to the latest S-1 documents, Amazon has chosen not to relinquish its 12% shareholding limit; therefore, on the day of IPO, only $579 million in debt will be converted into approximately 276.8 million shares, valued at around $20.5 billion. The remaining debt will be converted quarterly after the listing, with an estimated conversion of about 1.56 billion shares. Calculated at the IPO price, the book value of these shares will reach approximately $116 billion.