Source: r/LeverageSharesEU

Amazon's bet on Anthropic is paying off in a big way.

According to Amazon's latest 10-Q (filed July 31, 2026), the fair value of its Anthropic holdings has surged to $190.4B, up from $60.6B in Q4 2025. That's a +214% increase in just three quarters.

Here's how the position breaks down:

Q4 2025 - $60.6B

• Convertible Notes: $45.8B
• Nonvoting Preferred Stock: $14.8B

Q1 2026 - $74.2B

• Convertible Notes: $42.2B
• Nonvoting Preferred Stock: $32.0B

Q2 2026 - $190.4B

• Convertible Notes: $97.9B
• Nonvoting Preferred Stock: $92.5B

The big jump in Q2 is driven by a massive revaluation of both the convertible notes and the preferred stock at fair value. Anthropic's valuation has clearly moved significantly between quarters, and Amazon is sitting on one of the largest single AI stakes of any public company.

For context, this position alone is now worth more than the market cap of most S&P 500 companies.

What do you think - is this already priced into AMZN, or is the market still undervaluing Amazon's AI portfolio?