Google and Nvidia Each Plan to Buy $10 Billion of Anthropic Stock at IPO Price
Key Takeaways
- •Nvidia and Google have each agreed to purchase approximately $10 billion of Anthropic shares at the IPO price as part of a $26 billion private placement that also includes AMD, Broadcom, Micron, Microsoft and TSMC.
- •Anthropic expects to sell 825 million shares priced between $70 and $78 under the Nasdaq ticker ANT, a total of roughly $58 billion to $64 billion, with pricing on Nov. 18 and trading beginning Nov. 19.
- •Nvidia's and Google's allocations will be issued as non-voting Class N shares, and ownership is capped at 14.99% for Google and 12% for Amazon.
- •Anthropic reported revenue of $33.2 billion for the first nine months of 2026, up from $2.5 billion a year earlier, while narrowing its operating loss to $1.3 billion from $5.2 billion.
- •Bankers reportedly expect the IPO to price above the filed range toward a $1.5 trillion valuation, an level one outside estimate puts near $83 per share.
Anthropic has finalized the terms of its initial public offering, and two of the biggest names in technology intend to buy in at the offer price. According to an amended filing with the U.S. Securities and Exchange Commission, Nvidia and Google have each agreed to purchase approximately $10 billion of Anthropic shares at the IPO price.
The commitments are part of a $26 billion private placement involving seven companies. The buyer list spans much of the AI hardware supply chain, from accelerator designers and memory suppliers to foundries. Wall St Engine shared the breakdown on X on November 10:
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
Anthropic expects to sell 825 million shares at $70 to $78 each and to list on the Nasdaq under the ticker ANT. At that range, the offering would total roughly $58 billion to $64 billion. The private placement is scheduled to close shortly 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 voting rights. At the $74 midpoint of the price range, each $10 billion purchase would equal 135,135,135 shares. Because the purchases are sized in dollars rather than in shares, the final counts will move with the offer price: at $70, Nvidia would receive about 143 million shares, and at $78, about 128 million.
Google's purchase is tied to an earlier arrangement. The filing says the company is exercising an option under a March 2026 financing agreement and funding part of an investment it had already committed to make. Advanced Micro Devices is also participating: its $2.5 billion allocation 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 document does not say whether this purchase draws on that pledge.
TradingKey estimates that Google's holding could rise to about 1.79 billion shares from 1.65 billion, and 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. Combined with the non-voting Class N structure, those caps bound how large Google's and Amazon's stakes can grow.
Reuters calculated that the combined Amazon and Google stakes would be worth $411 billion if shares price at $78. Amazon's stake would be valued at $271.8 billion on $18.0 billion invested, while Google's would be worth $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 — a more than thirteenfold increase — while its operating loss narrowed to $1.3 billion from $5.2 billion. The company trains and runs its Claude models on four chip families, supplied by Amazon, Google, Nvidia and AMD. Three of those four suppliers — Google, Nvidia and AMD — also appear among the placement's seven buyers.
Most existing holders face lock-up periods of up to 180 days, the windows that determine when early shareholders can first sell after the listing. Certain holders of more than 0.5% of fully diluted shares face lock-ups of up to 365 days. Google's placement shares carry no lock-up but are restricted securities.
Bankers reportedly expect pricing above the filed range, toward a $1.5 trillion valuation, and one outside estimate puts that level 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, and is scheduled to report fiscal third-quarter results on Nov. 17.
Anthropic expects to price its IPO on Nov. 18 and begin trading on Nov. 19. The schedule stacks Nvidia's results, Anthropic's pricing and its Nasdaq debut across three consecutive days.
