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Anthropic's Nov. 10 S-1/A sets 825 million shares and a $26.0 billion Class N placement at the IPO price; AMD takes $2.5 billion, Broadcom, Micron and Microsoft $1.0 billion each.
Chips & Power DeskEdited by Ege Erten
2 min readAI-assisted
Follows our story: Anthropic IPO Filing: $895.4 Billion Compute Bill, $17.0B Q3 Revenue
An NVIDIA data center hall, from NVIDIA's data center page. NVIDIA is taking $10.0 billion of the Anthropic placement; the image does not show an Anthropic facility.
Image: NVIDIA
Source · Press image from the NVIDIA website, used for news reporting.
The Anthropic IPO filing, an S-1/A dated Nov. 10, sets a $70 to $78 range for 825 million shares and adds a $26.0 billion private placement, with NVIDIA and Google taking $10.0 billion each.
The filing splits the placement by buyer. Google LLC and NVIDIA would each buy about $10.0 billion of non-voting Class N common stock, Advanced Micro Devices about $2.5 billion, Broadcom, Micron Technology and Microsoft about $1.0 billion each, and TSMC Partners, Ltd. about $500 million. The amounts add up to $26.0 billion, all at a price equal to the IPO price. Reuters reported the same terms from the draft prospectus and put the combined raise at up to $90.4 billion.
Google and NVIDIA each take $10.0B of the $26.0B Class N placement; the other five buyers take the rest, per the Nov. 10 S-1/A.
Illustration (AI-generated)
This follows our Nov. 2 look at the $895.4 billion compute commitments in the earlier S-1/A. The new filing shows who is paying into the company that signs those contracts. Chip and memory suppliers (NVIDIA, AMD, Broadcom, Micron, TSMC) account for $15.0 billion of the placement, and the two cloud providers (Google, Microsoft) for $11.0 billion. The filing says the net proceeds, about $84.6 billion at the $74.00 midpoint including the placement, can go to compute and infrastructure among other uses. That is about 9% of the $895.4 billion commitment total.
Anthropic is selling 801,351,354 shares and selling stockholders are selling 23,648,646. Underwriters hold an option on 123,750,000 more shares from the company. At $70.00 to $78.00, the 825 million shares bring in $57.75 billion to $64.35 billion before costs, by Voltgrid's arithmetic, which Reuters rounds to $64.4 billion at the top. Adding the placement gives up to roughly $90.4 billion. The company gets none of the proceeds from the selling stockholders' shares. The shares are to list on the Nasdaq Global Select Market as "ANT". Goldman Sachs, Morgan Stanley and J.P. Morgan lead the underwriters.
Class N shares carry no vote and convert to Class A on a sale to an unaffiliated third party. They are not registered and not subject to lock-ups, but they are restricted securities. The placement closes after the IPO and needs stockholder approval, and the IPO does not depend on it. About 351.4 million Class N shares would be issued at the midpoint.
Two buyers are paying down earlier promises. Google's $10.0 billion uses its option under a 2026 note purchase agreement. AMD's $2.5 billion counts against a $5.0 billion equity commitment tied to its MI450-based Helios rack deliveries, leaving up to $2.5 billion that Anthropic can draw only as GPU delivery milestones are met, the first expected in 2027. As we reported, TSMC's board approved its stake.
The filing states no valuation. Shares outstanding after the offering and placement, 13,086,672,593, multiplied by the range give about $916 billion to $1.02 trillion by Voltgrid's arithmetic, before options and restricted stock units. Reuters gives about $1 trillion undiluted and about $1.4 trillion fully diluted at the top of the range; the two figures count different securities.
The filing leaves the final price blank, and it sets no pricing or first-trading date. Reuters' $64.4 billion and $90.4 billion match the filing's terms once rounded.
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