These sort of investments usually also contain licensing deals.

Amazon probably gets Anthropic models they can resell “for free”. The 850M revenue is Anthropic’s, but there is incremental additional revenue to AWS’s hosted model services. AWS was already doing lots of things with Anthropic models, and this may alter the terms more in amazons favor.

Are they actually making money? I don’t know, investments aren’t usually profitable on day one. Is this an opportunity for more AWS revenue in the future? Probably.

And access to use anthropics models internally, where you have some guarantees and oversight that your corp and customer data aren't leaking where you don't want it to.