AMD commits $2.5 billion to Anthropic IPO placement

Advanced Micro Devices ↗ 1.30% has agreed to buy about $2.5 billion of Anthropic stock in a private placement that will close alongside the AI developer's initial public offering. The disclosure came in an amended IPO filing released Tuesday, November 10. AMD is the third-largest buyer in the $26 billion placement, behind Google and Nvidia ↘ 5.47%, which are each committing about $10 billion, according to the filing.finance.yahoo.com

The stake fulfills part of an existing agreement between the two companies rather than adding a new investment. AMD had committed to buy up to $5 billion of Anthropic equity, tied to delivery and deployment milestones for its chips, and the remaining $2.5 billion still depends on those milestones, the Economic Times reported.economictimes.com

Seven Suppliers Buy In

The filing lists seven technology companies buying non-voting Class N shares at the IPO price. Besides Google, Nvidia and AMD, Broadcom ↗ 3.91%, Micron ↘ 1.10% and Microsoft ↘ 2.20% are each buying about $1 billion, while TSMC Taiwan Semiconductor Manufacturing Company Limited ↗ 2.02% is buying about $500 million. Those shares will not be subject to the usual post-IPO lock-up period, according to the filing. Under the filing, AMD's roughly 33.8 million shares at the $74 midpoint "will satisfy a portion of its commitment to purchase our Class N common stock under the Hardware Supply Agreement," according to an analysis of the S-1/A.capefearadvisors.substack.com+1

Anthropic is offering 825 million Class A shares at $70 to $78 each and plans to raise up to $64.4 billion from the offering, or as much as $90.4 billion including the placement, Fox Business reported. The company has applied to list on the Nasdaq ↗ 1.40% under the ticker ANT. The filing also showed revenue of $33.2 billion in the first nine months of 2026, compared with $2.5 billion in the same period a year earlier.foxbusiness.com

The MI450 Deal

The equity commitment comes from a partnership AMD and Anthropic announced in July. Under that deal, Anthropic plans to deploy up to 2 gigawatts of AMD's Instinct MI450 Series GPUs in Helios rack-scale systems, and the first gigawatt is expected to begin deployment in the first half of 2027, Invezz reported. The supply agreement has no fixed dollar commitment. If Anthropic buys the full initial capacity, it expects spending "to exceed $20.0 billion over the term of the agreement," according to the filing as quoted by FourWeekMBA.tradingview.com+1

Shares Extend Rally

AMD shares rose in Tuesday's trading after gaining more than 13% on Monday, when Oppenheimer upgraded the stock to Outperform with a $600 price target. AMD pulled back from its morning highs as the session went on, Invezz reported. Nvidia shares fell the same day while its board investigates CEO Jensen Huang, and the broader market traded lower.tradingview.com

The placement is expected to close right after the IPO, but the filing notes that "the completion of this offering is not contingent on the completion of the concurrent private placement," FourWeekMBA reported.fourweekmba.com