Amazon (NASDAQ:AMZN) has a very big tenant. Anthropic's draft IPO prospectus, as reported by Reuters, shows about $110 billion owed to Amazon Web Services (AWS) over roughly the next decade. Picture a landlord with a long lease, except this landlord also owns a stake in the tenant. That arrangement is the thread running through Amazon's AI story, and it helps explain why the chip deals and model launches around it fit together. A Lease You Can't Walk Away From Anthropic plans $518 billion of cloud, computing and infrastructure obligations in coming years. Amazon's share traces back to a pledge of more than $100 billion over 10 years. Like most of that total, it's owed even if Anthropic's usage falls short.
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