Google to buy $10 billion of Anthropic stock at IPO price

Google has agreed to buy about $10 billion of Anthropic's non-voting Class N stock at the initial public offering price, according to an amended registration statement filed on Tuesday, November 10. The news lifted shares of parent company Alphabet ↗ 2.00% in Wednesday's trading. The commitment ties Google, already one of Anthropic's largest shareholders, closer to an offering that could value the Claude maker at more than $1 trillion.

The commitment is laid out in exhibit EX-10.15, a Class N subscription agreement that Anthropic and Google signed on November 10, Second Source reported. The number of shares will be $10 billion divided by the IPO price, and the purchase settles right after the listing. Google is using an existing option under its "Google 2026" financing agreement. That cuts the amount still available under the agreement from $20 billion to $10 billion, according to The Economic Times.secondsource.io+1

A $26 billion strategic placement

Google is one of seven companies buying a combined $26 billion of Class N stock at the IPO price. The others are Advanced Micro Devices ↗ 7.32%, Broadcom ↗ 3.99%, Micron ↗ 11.89%, Microsoft ↘ 2.26%, Nvidia ↗ 2.87% and Taiwan Semiconductor Manufacturing Company ↗ 4.25%. Google and Nvidia are each putting in $10 billion, the largest stakes. AMD is buying about $2.5 billion, Broadcom, Micron and Microsoft about $1 billion each, and TSMC about $500 million.cnbc.com+2

At the $74 midpoint, Google would get about 135.1 million shares. That would raise its Class N holdings from roughly 1.65 billion shares to 1.79 billion, or about 13.7% of Anthropic's Class A and Class N shares after the offering. Google is also a supplier as well as an investor, since Anthropic runs workloads on Google's TPU chips.sg.finance.yahoo.com+1

Pricing and valuation

Anthropic plans to sell 825 million shares at $70 to $78 each, raising up to $64.4 billion, and to list on the Nasdaq ↘ 0.31% under the ticker "ANT," Reuters reported. At the top of the range, the company would be worth about $1.4 trillion on a fully diluted basis, or about $1 trillion without counting options and restricted stock. The deal is expected to price on November 18, with trading starting November 19.reuters.com+1

Demand may push the price higher. Citing the Financial Times, Bloomberg reported that bankers are considering raising the valuation to $1.5 trillion or more. Even so, the range falls short of the roughly $2 trillion some outlets had reported weeks earlier.fortune.com+1

The filing also shows how much the company is spending. Anthropic reported $33.2 billion in revenue and a $104.0 billion net loss for the first nine months of 2026. Those numbers will test how much the strategic backers' billions reassure public-market investors.sg.finance.yahoo.com