Amazon’s Public Portfolio: Q2 Filing Insights
Beyond its dominance in e-commerce and cloud services, Amazon quietly manages a portfolio of strategic public equity investments. Each quarter, its Form 13F filing with the U.S. Securities and Exchange Commission (SEC) offers a glimpse into where Amazon is deploying capital in publicly traded companies, often reflecting partnerships or long-term technology bets that support its core businesses.
This article looks at Amazon’s Q2 2025 public holdings, highlighting the latest changes and what they reveal about the company’s evolving priorities.
New Position in Q2 2025
IonQ ($IONQ) – Quantum computing hardware and software company.
Amazon disclosed ownership of 854,207 shares in IonQ, valued at approximately $36.7 million, representing 1.5% of its public portfolio. This position likely reflects the exercise of previously held warrants rather than a new market purchase. Amazon had once held close to 2 million IonQ shares, which it sold in Q4 2024, making this a re-entry tied to earlier investment rights. IonQ develops quantum computers and cloud-based quantum services, aligning with AWS’s long-term ambitions in quantum computing infrastructure.
Removed from 13F: ATSG Goes Private
Air Transport Services Group (formerly $ATSG) – Air cargo leasing and logistics provider.
Amazon’s prior 12.7 million share stake in ATSG no longer appears on its 13F because Stonepeak completed its acquisition of ATSG in April 2025, taking the company private in a $3.1 billion all-cash transaction. Amazon had long partnered with ATSG to operate a significant portion of its Prime Air cargo fleet, and this relationship is expected to continue privately. The change reflects ATSG’s delisting from NASDAQ rather than an active divestment by Amazon.
Continuing Public Equity Holdings
Rivian Automotive ($RIVN) – Electric vehicle manufacturer specializing in trucks and vans.
Amazon remains Rivian’s largest shareholder, holding 158.3 million shares valued at $2.18 billion, accounting for nearly 90% of its portfolio. This long-standing investment supports Amazon’s plan to deploy 100,000 Rivian electric delivery vans, advancing its sustainability goals and ensuring supply for its logistics network.
Advanced Micro Devices ($AMD) – Semiconductor manufacturer.
Amazon holds 822,234 shares, worth $116.7 million. AWS continues to deploy AMD’s EPYC processors for cloud instances, diversifying Amazon’s chip supply chain alongside Intel and Nvidia. This position reinforces Amazon’s investment in AI and cloud data center hardware.
Vital Farms ($VITL) – Supplier of pasture-raised eggs and dairy products.
Through Bowie Strategic Investments, Amazon owns 1.53 million shares valued at $58.9 million. This stake supports Whole Foods’ ethically sourced grocery offerings and strengthens Amazon’s sustainable food supply chain.
Astera Labs ($ALAB) – Semiconductor company specializing in high-performance connectivity for AI and cloud data centers.Amazon’s holding remains at 277,777 shares, worth $25.1 million, reflecting earlier warrant-based investment agreements that align closely with AWS’s infrastructure needs.
Marvell Technology ($MRVL) – Chip designer providing networking, storage, and AI infrastructure solutions.
Amazon owns 225,428 shares, valued at $17.4 million, reinforcing a longstanding collaboration where Marvell supplies AWS with custom silicon solutions.
Nautilus Biotechnology ($NAUT) – Developer of proteomics analysis platforms for large-scale protein research.
Amazon maintains 1.46 million shares, now valued at just $1.05 million, a sharp decline in market value. This investment supports data-intensive biotech applications, which are natural customers for AWS’s computing services.
SmartRent ($SMRT) – Smart-home automation solutions for multi-family rental properties.
Amazon holds 626,893 shares, valued at $620,000, supporting its smart home ecosystem by expanding Alexa-enabled integrations for property managers and tenants.
Owlet ($OWLT) – Producer of smart baby monitors and connected health devices.
Amazon’s small stake of 35,252 shares, valued under $300,000, complements its broader smart-home and family wellness technology ecosystem.
Key Observations
As of June 30, 2025, Amazon’s public portfolio remains heavily concentrated in Rivian, with smaller stakes reinforcing its strategic priorities in cloud infrastructure, advanced semiconductors, sustainable food sourcing, and smart-home technology. The addition of IonQ likely stems from the exercise of past investment rights, ensuring exposure to quantum computing advancements. ATSG’s removal reflects its transition to a private company under Stonepeak ownership, not an Amazon divestment. Overall, Amazon’s 13F continues to show a focused approach, investing selectively in companies that directly support its long-term logistics, technology, and cloud ecosystem strategies.
This article is for informational purposes only and is neither investment advice nor a solicitation to buy or sell securities. All investment involves inherent risks, including the total loss of principal, and past performance is not a guarantee of future results. Always conduct thorough research or consult with a financial expert before making any investment decisions. BBAE has no position in any investment mentioned.
