That $13 billion stake is now worth much more, given that Anthropic is considering going public at a valuation of around $1 trillion. In a research note, Bank of America analysts point to Amazon's stake in Anthropic as a significant driver in its upcoming earnings report, generating a strong mark-to-market gain. Let's see how Amazon's stake in Anthropic has grown, and what investors should be looking for in Amazon's Q2 update. However, at the end of the first quarter, Amazon valued its Anthropic stake at $74.2 billion -- $42.2 billion in convertible notes and $32 billion in nonvoting preferred stock. Putting Amazon's gains into perspectiveIn the first quarter, Amazon reported net income of $30.25 billion -- a solid number, with much of that coming from its fast-growing Amazon Web Services.