Artificial intelligence lab Anthropic is preparing for an initial public offering (IPO), with a valuation of $965 billion, latest quarterly revenue exceeding $115 billion, and an annualized run rate approaching $65 billion. Amazon has invested $13 billion in Anthropic and committed to an additional investment of up to $20 billion based on commercial milestones. Furthermore, Anthropic has pledged to spend over $100 billion on Amazon Web Services (AWS) over the next decade to secure up to 5 gigawatts of computing capacity. Anthropic's S-1 filing is expected to disclose Amazon's precise equity stake, which will help investors more accurately assess the value of Amazon's holdings and forecast AWS's revenue growth and operating profit expansion, potentially triggering a fundamental re-evaluation of Amazon's stock.