When Amazon (AMZN) reports earnings on April 29, it may have some bullish numbers to convey to Wall Street.
And AI juggernaut Anthropic (ANTH.PVT) may be a large reason why.
“We believe AWS [Amazon Web Services] is benefiting from a combination of capacity gains, AI diffusion, and client expansion,” KeyBanc analyst Justin Patterson said in a note on Monday. “Anthropic has been a long-standing AWS customer, and its rapid growth in annual recurring revenue (from $9 billion in December 2025 to $30 billion in early April 2026) provides a meaningful tailwind to AWS growth (we assume AWS is about 60% of Anthropic spend).”
Anthropic has had a huge year on the development front, likely pointing to the need to extract as much AWS cloud computing power as possible.
This month, the company released Claude Opus 4.7 — its most advanced reasoning model to date. It also unveiled the controversial Claude Mythos, a “hyper-agentic” model so powerful that Anthropic has restricted it from public release due to national security risks.
A 30% revenue growth rate for AWS for the quarter would likely be well-received by the Street, as it would represent an acceleration from 2025. AWS generated $128.7 billion in revenue in 2025, representing a 20% increase from the prior year.
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While AWS sales stand to get an Anthropic jolt, Amazon’s balance sheet could also show a big boost from the model builder.
Amazon has invested $8 billion in Anthropic since late 2023. At the end of last year, the company held $45.8 billion of convertible notes and $14.8 billion of nonvoting preferred stock in Anthropic, per its annual report. That puts Amazon’s total stake at a valuation of $60.6 billion.
Anthropic announced a $30 billion capital raise in February, valuing it at $380 billion. It’s the third-highest valued private company, according to Yahoo Finance data. It has reportedly received investor interest at a $800 billion valuation recently.
Besides Anthropic, KeyBanc’s Patterson said Amazon AWS will benefit from strong AI-related demand. It’s a view supported by strong earnings results out of chip manufacturer Taiwan Semiconductor (TSM) last week.
Increasing adoption of AI “increases the likelihood of 30% year over year AWS growth in the first quarter, with further acceleration likely in 2026,” Patterson said.
“Finally, we note Amazon CEO Andy Jassy seemed open-minded in the annual shareholder letter to selling Trainium chips to third-parties,” Patterson added. “Chips have already surpassed $20B in revenue (>triple-digit year over year growth) through AWS, implying there could be one more growth lever to pull.”
