A $26 billion buy-in to Anthropic’s IPO

AI company Anthropic filed updated prospectus terms for its IPO on November 10, 2026. The company plans to offer 825 million Class A shares at a price range of $70 to $78. Alongside the deal, there is also a $26 billion private placement.

An application has been made for the shares to trade on the Nasdaq Global Select Market under the ticker ANT. However, the prospectus is still preliminary. The terms may change, and no sale can be made before the registration statement becomes effective.

Gross proceeds could reach as high as $64 billion

According to the filing, Anthropic itself is selling 801,351,354 shares, while existing shareholders are offering 23,648,646 shares. The proceeds from the secondary sale will not go to the company. Based on the top-end price of $78, the total offering would generate $64.35 billion in gross proceeds. About $62.5 billion of that would go to Anthropic before commissions and expenses. The underwriters have an option to purchase up to an additional 123,750,000 shares.

The initial draft listed 866.7 million shares and a price range of $70 to $80. According to Reuters, Anthropic said the pricing information in the draft sent to banks was incorrect and amended the filing.

$26 billion from chip and cloud giants

In the private placement, AMD, Broadcom, Google, Micron, Microsoft, NVIDIA, and TSMC Partners agreed to buy a total of $26 billion in Class N shares at the IPO price. The deal is contingent on the completion of the IPO and will close immediately afterward. Class N shares are not being registered and will not trade on an exchange. Their transfer requires either registration or an exemption. Some of the company’s executives and affiliates also indicated interest in buying up to $303 million in shares. This indication of interest is non-binding.

Quarterly revenue reached $17 billion

For the quarter ended September 30, 2026, Anthropic reported $17.0 billion in revenue. That represents a 1,127% increase compared with the same period a year earlier. Computing and infrastructure expenses, meanwhile, rose 382%. The company presents this gap as evidence of compute efficiency. According to its customer breakdown, more than 11,900 organizations spent $100,000 or more over the past 12 months. The number of customers spending more than $1 million annually exceeded 1,900, while those spending more than $10 million reached about 250.

On the other hand, the company’s purchase commitments and lease obligations total about $900.9 billion. Nearly all of that relates to compute and infrastructure investments. Of those commitments, $451.6 billion is due by the end of 2030, with the rest payable between 2031 and 2045. Payments due over the next 12 months amount to $70.7 billion. The company has $95.6 billion in cash and $36.3 billion in short-term investments on hand.

Public investors will have no say in management

Anthropic is a Delaware public benefit corporation. The Long-Term Benefit Trust, through Class T shares, can appoint and remove a majority of the board. Immediately before the offering, the single Class F share to be issued to a company formed by the co-founders will provide 50.1% of the total voting power. That share will carry no economic rights. Class N shares, meanwhile, have no voting rights and convert into Class A when sold to an unaffiliated party.

In short, public investors will bear the financial risk of the growth story and infrastructure commitments, while control of the company remains with the trust and the founders’ company.

Source: Unite.AI