Stock Besties · AMZN

Amazon: who it depends on, and who depends on it.

Cloud (AWS, Trainium chips); investor in OpenAI and Anthropic. AMZN · Nasdaq. 4 sourced relationships in the network, each with its filing or release.

Open Amazon on the mapRun a what-ifCheck shared exposureAll SEC filings

Stock Trade Twins pairs AMZN with rivals by price behavior, a different question from business dependence:

AMZN / CDWAMZN / CPNG
Ties

Dependence, both ways

Amazon depends on, or is exposed to

Companies that depend on Amazon

Event exposure

If something happens to Amazon

The companies each kind of event would reach, up to two steps away, along sourced relationships only. This is a map of connections, not a forecast: how much each company would feel is unknown unless a source states it.

What if Amazon spends less?

Companies that sell to it (its suppliers and infrastructure providers), then the companies those sellers buy from.

No company in this network is connected to Amazon that way.

What if Amazon raises less money or its value falls?

Its investors, holders and guarantors, plus the companies that sell to it (a company that raises less tends to buy less), then their suppliers.

No company in this network is connected to Amazon that way.

What if Amazon cannot deliver?

Companies that buy chips, parts or capacity from it, then their own customers.

  • Anthropic · directly, materiality unknownAnthropic depends on compute or data-center capacity from Amazon.
  • OpenAI · directly, materiality unknownOpenAI depends on compute or data-center capacity from Amazon.

What if Amazon's shares or stake lose value?

Holders of its shares, warrants or notes and guarantors of its obligations, then their holders.

No company in this network is connected to Amazon that way.

Filings

Amazon’s filings and its partners’

  1. Sep 14, 2026, 16:45 ETAmazon filed a current report (8-K): other events (Item 8.01). Filing on SEC.govConnected:OpenAIAnthropic
  2. Sep 9, 2026, 16:28 ETAmazon filed a current report (8-K): officer or director change (Item 5.02). Filing on SEC.govConnected:OpenAIAnthropic
  3. Jul 30, 2026, 18:11 ETAmazon filed a quarterly report (10-Q). Filing on SEC.govConnected:OpenAIAnthropic
  4. Jul 30, 2026, 16:06 ETAmazon filed a current report (8-K): results of operations (Item 2.02). Filing on SEC.govConnected:OpenAIAnthropic
  5. Jul 9, 2026, 16:46 ETAmazon filed a current report (8-K): other events (Item 8.01). Filing on SEC.govConnected:OpenAIAnthropic
Evidence

Every relationship of Amazon

Amazon invested $50 billion in OpenAIAmazon · OpenAI · Feb 27, 2026
Investment: preferred stockActiveFiled with the SEC

Amazon bought OpenAI Series C preferred stock: $15.0 billion in the funding round plus a $35.0 billion commitment, fully invested after June 30, 2026.

  • Investment exposure: Amazon is exposed to the value or credit of OpenAI.
  • Investment dependence: OpenAI relies on capital or credit support from Amazon.
  • Capital flows from Amazon to OpenAI.
First verified evidence
Feb 27, 2026
Latest evidence
Jul 31, 2026
What the sources say

  1. Amazon will invest $50 billion: $15 billion first, then $35 billion when conditions are met.

    “Amazon will also invest $50 billion in OpenAI, starting with an initial $15 billion investment and followed by another $35 billion in the coming months when certain conditions are met.”
    Amazon and OpenAI (SEC filing exhibit), 8-K EX-99.1, Feb 27, 2026excerpt re-checked Oct 18, 2026

  2. A $35.0 billion equity commitment for OpenAI Series C preferred stock, separate from a $15.0 billion investment in the round.

    “Amazon Sub agreed to purchase shares of OpenAI’s Series C Preferred Stock (the “Commitment Shares”) with an aggregate purchase price of $35.0 billion (the “Commitment Amount”).”
    Amazon (SEC filing), 8-K, Feb 27, 2026excerpt re-checked Oct 18, 2026

  3. $15.0 billion invested in Series C preferred stock first.

    “We also invested $15.0 billion in Series C Preferred Stock of OpenAI and entered into an equity commitment letter agreement”
    Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026

  4. The remaining $21.3 billion of the commitment was invested after June 30, 2026.

    “Subsequent to June 30, 2026, we invested the remaining $21.3 billion Commitment Amount in shares of Series C Preferred Stock of OpenAI.”
    Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026
How much it matters
  • To Amazon: Unknown Amazon reports some figures for its OpenAI and Anthropic stakes together, so no OpenAI-only share of its results is shown.
  • To OpenAI: Unknown OpenAI is private; no source states what share of its funding came from Amazon.
OpenAI’s AWS commitment: $38 billion, expanded by $100 billion over 8 yearsAmazon · OpenAI · Nov 3, 2025
InfrastructureCommitted (future delivery)Filed with the SEC

A $38 billion AWS agreement from November 2025, expanded in Q1 2026 by $100 billion over eight years, including about 2 gigawatts of Amazon’s Trainium chips.

  • Infrastructure dependence: OpenAI depends on compute or data-center capacity from Amazon.
  • Customer dependence: Amazon depends on sales to OpenAI.
  • OpenAI pays Amazon for compute or data-center capacity.
First verified evidence
Nov 3, 2025
Latest evidence
Jul 31, 2026
What the sources say

  1. A $38 billion multi-year agreement for AWS compute with hundreds of thousands of NVIDIA GPUs (November 3, 2025).

    “Under this new $38 billion agreement, which will have continued growth over the next seven years, OpenAI is accessing AWS compute comprising hundreds of thousands of state-of-the-art NVIDIA GPUs”
    Amazon (About Amazon), Nov 3, 2025excerpt re-checked Oct 18, 2026

  2. Expanded in Q1 2026 by $100.0 billion over 8 years.

    “In Q1 2026, AWS and OpenAI Group PBC (“OpenAI”) announced an expansion of the existing $38.0 billion multi-year commitment and commercial arrangement with OpenAI by $100.0 billion over 8.0 years”
    Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026

  3. The expansion includes OpenAI consuming about 2 gigawatts of Trainium capacity.

    “The expansion includes OpenAI committing to consume approximately 2 gigawatts of Trainium capacity through AWS infrastructure”
    Amazon and OpenAI (SEC filing exhibit), 8-K EX-99.1, Feb 27, 2026excerpt re-checked Oct 18, 2026
How much it matters
  • To Amazon: Unknown Amazon gives the contract size but not OpenAI’s share of its revenue.
  • To OpenAI: Unknown OpenAI is private; no source states what share of its compute runs on AWS.
Amazon’s Anthropic stake: $8.0 billion of notes and $10.0 billion of preferred stockAmazon · Anthropic · 2023
Investment: notes and preferred stockActiveFiled with the SEC

$8.0 billion of convertible notes (2023 to 2025), $5.0 billion of Series G and $5.0 billion of Series H preferred stock (Q2 2026), and a financing facility with $15.0 billion still available.

  • Investment exposure: Amazon is exposed to the value or credit of Anthropic.
  • Investment dependence: Anthropic relies on capital or credit support from Amazon.
  • Capital flows from Amazon to Anthropic.
First verified evidence
Q3 2023
Latest evidence
Jul 31, 2026
What the sources say

  1. $8.0 billion of convertible notes from Q3 2023 to Q4 2025.

    “From Q3 2023 to Q4 2025, we invested $8.0 billion in convertible notes from Anthropic”
    Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026

  2. $5.0 billion of Series G nonvoting preferred stock in Q2 2026.

    “In Q2 2026, we invested $5.0 billion in Anthropic Series G nonvoting preferred stock.”
    Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026

  3. $10.0 billion of nonvoting preferred stock in total in Q2 2026 (Series G and Series H).

    “In Q2 2026, we also invested $10.0 billion in Anthropic nonvoting preferred stock.”
    Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026

  4. A facility of up to $20.0 billion, made available as compute milestones are delivered.

    “we entered into a financing arrangement to make available to Anthropic an aggregate facility not to exceed $20.0 billion”
    Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026

  5. $5.0 billion of Series H preferred stock in Q2 2026, leaving $15.0 billion available under the facility.

    “in Q2 2026, we exercised our option to participate in subsequent Anthropic equity financings by investing $5.0 billion in Anthropic Series H nonvoting preferred stock, which reduced the amount available under the facility to $15.0 billion.”
    Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026
How much it matters
  • To Amazon: Disclosed Upward adjustments of about $50.5 billion in Q2 2026 to Amazon’s Anthropic preferred stock, recorded in other income.
    “We recorded upward adjustments of approximately $50.5 billion in Q2 2026 and $62.8 billion for the six months ended June 30, 2026 to our nonvoting preferred stock”
    Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026
  • To Anthropic: Unknown Anthropic is private; no source states Amazon’s share of its funding.
Anthropic committed more than $100 billion to AWS over 10 yearsAmazon · Anthropic · 2023
InfrastructureCommitted (future delivery)Filed with the SEC

Amazon is Anthropic’s primary training partner and cloud provider; in Q2 2026 the commitment grew by more than $100 billion over ten years, for up to 5 gigawatts.

  • Infrastructure dependence: Anthropic depends on compute or data-center capacity from Amazon.
  • Customer dependence: Amazon depends on sales to Anthropic.
  • Anthropic pays Amazon for compute or data-center capacity.
First verified evidence
2023
Latest evidence
Jul 31, 2026
What the sources say

  1. Anthropic has worked with Amazon since 2023.

    “We have worked closely with Amazon since 2023”
    Anthropic (newsroom), Apr 20, 2026excerpt re-checked Oct 18, 2026

  2. Amazon is its primary training partner and cloud provider.

    “We remain committed to our partnership with Amazon, our primary training partner and cloud provider”
    Anthropic (newsroom), Oct 23, 2025excerpt re-checked Oct 18, 2026

  3. Q2 2026: the multi-year commitment grew by more than $100.0 billion over 10 years.

    “In Q2 2026, AWS and Anthropic announced an expansion of the strategic collaboration and existing multi-year commitment by more than $100.0 billion over 10.0 years”
    Amazon (SEC filing), 10-Q, Jul 31, 2026excerpt re-checked Oct 18, 2026

  4. Up to 5 gigawatts of capacity, nearly 1 gigawatt of Trainium2 and Trainium3 by the end of 2026.

    “secure up to 5 gigawatts (GW) of capacity for training and deploying Claude, including new Trainium2 capacity coming online in the first half of this year and nearly 1GW total of Trainium2 and Trainium3 capacity coming online by the end of 2026.”
    Anthropic (newsroom), Apr 20, 2026excerpt re-checked Oct 18, 2026
How much it matters
  • To Amazon: Unknown Amazon gives the contract size but not Anthropic’s share of its revenue.
  • To Anthropic: Unknown Anthropic is private.

Catalog BESTIES-v1, reviewed Oct 18, 2026. Paper research only, not investment advice. Method and sources

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