According to CoinMeta, Amazon emerged as the biggest winner in Anthropic IPO, although it was not the only beneficiary. Since 2023, Amazon has provided funding to Anthropic through convertible notes, which are repaid in shares at prices locked in years ago. Amazon acquired Anthropic shares at prices ranging from $2.09 to $5.05 per share, while buyers of IPO had to pay $70 to $78 per share. Amazon still owes $620 million in notes and, based on the old prices, could obtain approximately 1.84 billion Anthropic shares, valued at around $129 billion to $144 billion at IPO. Although Amazon can only convert $579 million worth of shares on the day of IPO, the remaining $560 million will be converted quarterly after the listing, with an estimated total value of up to $116 billion. Amazon's share conversion will significantly affect its holding percentage in Anthropic and can be sold after the lock-up period ends.