TLDR
- Nvidia and Google each agreed to buy about $10 billion of Anthropic shares at the IPO price.
- The shares are non-voting Class N stock, part of a $26 billion private placement.
- Amazon will receive its shares in stages because of a 12% ownership cap.
- Lock-ups for existing holders can last 180 to 365 days.
- Anthropic expects to price on Nov. 18 and begin trading on Nov. 19.
Anthropic has set terms for its initial public offering, and two of the biggest names in tech plan to buy in. Nvidia and Google each agreed to buy about $10 billion of shares at the IPO price.
WHO'S BUYING THE $26B OF ANTHROPIC STOCK IN THE PRIVATE PLACEMENT
• Google: $10.0B
• Nvidia: $10.0B
• AMD: $2.5B
• Broadcom: $1.0B
• Micron: $1.0B
• Microsoft: $1.0B
• TSMC: $500MAll at the IPO price, per Anthropic's updated SEC filing. pic.twitter.com/Cfqi3dTsDB
— Wall St Engine (@wallstengine) November 10, 2026
The AI company expects to sell 825 million shares at $70 to $78 each. It plans to list on the Nasdaq under the ticker ANT.
An amended filing shows seven firms agreed to buy $26 billion of shares in a private placement. The deal closes just after the IPO, subject to conditions that include stockholder approval.
What the Shares Come With
Nvidia and Google would each receive Class N shares, which generally carry no vote. At the $74 midpoint, each $10 billion purchase equals 135,135,135 shares.
The purchases are sized in dollars, so the share count moves with the price. At $70, Nvidia would get about 143 million shares, and at $78, about 128 million.
Google’s purchase is tied to an earlier deal. The filing says it uses an option under a March 2026 financing agreement and funds part of an investment Google had already committed to make.
Advanced Micro Devices is also in the placement. Its $2.5 billion counts toward a $5.0 billion commitment that came with a July supply deal for Helios systems.
The filing does not link Nvidia’s purchase to a specific deal. Nvidia pledged in November 2025 to invest up to $10 billion in Anthropic, but the filing does not say if this purchase draws on that pledge.
TradingKey estimates Google’s holding could rise to about 1.79 billion shares from 1.65 billion. Google’s 2026 agreement caps its ownership at 14.99%.
Amazon faces a 12% cap under its notes. It will hold 1,920,511,218 Class N shares after the offering, with another 1,563,617,444 shares to be issued later.
Reuters calculated the combined Amazon and Google stakes at $411 billion if shares price at $78. Amazon’s stake would be worth $271.8 billion on $18.0 billion invested, and Google’s $139 billion on $33.3 billion.
The Numbers Behind the Offering
Anthropic reported revenue of $33.2 billion for the first nine months of 2026, up from $2.5 billion a year earlier. Its operating loss fell to $1.3 billion from $5.2 billion.
Anthropic trains and runs its Claude models on four chip families. They come from Amazon, Google, Nvidia and AMD.
Most existing holders face lock-ups of up to 180 days. Certain holders of more than 0.5% of fully diluted shares face up to 365 days, and Google’s placement shares have no lock-up but are restricted securities.
Bankers reportedly expect pricing above the range, toward a $1.5 trillion valuation. One outside estimate puts that near $83 a share.
Alphabet shares rose 1.10% to $290.54 on Wednesday after the filing. Nvidia traded below $170, more than 30% under its 52-week high.
Nvidia reports fiscal third-quarter results on Nov. 17. Anthropic expects to price its IPO on Nov. 18 and begin trading on Nov. 19.
