The BEST bet on Anthropic’s IPO might just be an AMZN buy. Amazon’s $18 BILLION strategic investment in Anthropic would be worth nearly $272 BILLION at the expected IPO price. That’s about 15× its original investment. Anthropic is also a MAJOR customers of AWS. It has committed to spending more than $100 Billion on AWS over the next decade to train and run its models. So Amazon also gets paid to power Claude. By a modest estimate, Anthropic could raise $60 BILLION before fees from the sale of new shares in its IPO. Including the private placements, it would have about $213 BILLION in cash and short-term investments, making that AWS commitment easier to fund. With AMZN -5% below its record close, the market may be undervaluing its Anthropic stake and future AWS revenue.