Amazon.com Inc (NASDAQ:AMZN) could see an incremental boost to its cloud computing revenue from the rapid growth of artificial intelligence startup Anthropic, according to analysts at Bank of America.
In a note to clients, the analysts reiterated a ‘Buy’ rating on Amazon with a $275 price target, citing the potential for stronger-than-expected performance at Amazon Web Services (AWS) as AI demand accelerates. Shares traded hands at about $219 on Thursday.
Bloomberg recently reported that Anthropic’s annualized revenue run rate has surpassed $19 billion, up sharply from $9 billion at the end of 2025. The analysts wrote that the increase reflects strong adoption of the company’s AI models and its developer tool Claude Code, alongside the recent launch of its Opus 4.6 model.
“Anthropic's ARR reportedly surpassed $19 billion,” the analysts wrote, adding that recent growth has been driven by expanding use of the company’s AI models and tools.
The analysts believe Anthropic’s growth could translate into meaningful revenue contributions for AWS, which hosts some of the company’s computing workloads.
They estimate the surge in Anthropic’s revenue run rate, from $9 billion in December to $19 billion in March, suggests a quarterly revenue increase of more than $2.5 billion for the AI firm.
“If a significant share of Anthropic's workloads run on AWS… we see an opportunity for up to a $1 billion quarter-over-quarter increase in Q1 AWS revenues related to Anthropic,” the analysts wrote.
They noted that this potential increase would exceed their broader estimate of roughly $900 million in quarter-over-quarter growth for AWS during the same period.
Anthropic is also expected to significantly increase spending on cloud infrastructure. According to a report cited by the analysts, the company could pay hyperscale cloud providers as much as $6.4 billion in 2026 through revenue-sharing agreements tied to reselling its Claude AI models, up from $1.9 billion in 2025.
Beyond the near-term impact, the analysts said strong demand for AI services from companies like Anthropic and OpenAI signals continued growth opportunities for AWS.
“We believe the recent acceleration in Anthropic's ARR signals strong (and rapidly growing) enterprise demand for AI services,” Bank of America wrote. They added that Amazon’s plans to expand computing capacity could translate into faster revenue growth.
Amazon management has previously indicated it expects to double AWS power capacity by 2027, a move the analysts said could help drive upside to current Wall Street revenue estimates for the cloud business.
The surge in AI demand may also help address investor concerns about the scale of capital spending required to build out data center infrastructure.
“Anthropic's recent ARR acceleration is a positive proof point for all hyperscalers and could help reduce a recent sector overhang on capex investment uncertainty,” the bank's analysts wrote. They added that they remain confident AWS can generate stronger returns on those investments than current market estimates suggest