[Anthropic: Amazon Retains Shareholding Cap, Partial Conversion of Notes at IPO] According to a recent update to Anthropic's prospectus on November 11, Amazon has chosen to retain the 12% shareholding cap stipulated in the convertible notes agreement during the IPO. The prospectus assumes that approximately $579.3 million in principal amount of the notes will be converted into approximately 276.8 million non-voting Class N ordinary shares before the offering is completed. The exact number depends on the final offering size and the calculation of the shareholding cap. As of September 30, Amazon held approximately $6.2 billion in outstanding principal amount of the related notes. The portion that cannot be converted at the IPO due to the shareholding cap will be converted at the end of each fiscal quarter after the listing at the applicable price, but will still be subject to the cap; Amazon may choose to waive the cap.