Amazon announced an additional $5 billion investment in Anthropic, with up to $20 billion more possible against commercial milestones, on top of the $8 billion it had already put in; the new money came at Anthropic's $380 billion valuation. In return Anthropic committed to spend over $100 billion with AWS over the next decade and to take up to 5 gigawatts of AWS Trainium capacity for training and serving Claude. With the spending commitment an order of magnitude larger than the investment, the deal made plain the shape of these arrangements: cloud providers converting stakes in AI companies into demand for their own infrastructure.