Anthropic's $26B Concurrent Private Placement

Anthropic, PBC's Amendment No. 2 to Form S-1/A, filed 10 November 2026, registers an initial public offering of 825,000,000 shares of Class A common stock at an estimated $70.00 to $78.00 a share. The company is selling 801,351,354 shares and selling stockholders are selling 23,648,646. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT. Separately, Advanced Micro Devices, Broadcom, Google LLC, Micron, Microsoft, NVIDIA and TSMC Partners, Ltd. have agreed, severally and not jointly, to purchase an aggregate of $26.0 billion of non-voting Class N common stock in a concurrent private placement at the IPO price. The placement is contingent on completion of the offering and other conditions, including stockholder approval, and is scheduled to close immediately afterwards. The IPO itself is not contingent on the placement. The Class N shares will not be registered in the offering, will not be subject to underwriter lock-ups, and will be restricted securities. At an assumed IPO price of $74.00, the midpoint of the range, the filing illustrates approximately $10.0 billion each from Google and Nvidia, $2.5 billion from AMD, $1.0 billion each from Broadcom, Micron and Microsoft, and $500 million from TSMC, or about 351,351,348 Class N shares in total. Those individual dollar amounts are approximate and tied to the midpoint. The aggregate commitment is $26.0 billion at whatever IPO price is set. Grouping Nvidia, AMD, Broadcom, Micron and TSMC, the five chip companies, gives about $15.0 billion of the $26.0 billion at that midpoint. Google and Microsoft are not in that chip-company sum. Google's $10.0 billion exercises in full an option granted in connection with the Google 2026 NPA and reduces remaining capacity under that NPA from $20.0 billion to $10.0 billion. It funds a portion of a previously committed 2026 obligation. AMD's $2.5 billion will satisfy part of an up-to-$5.0 billion Class N equity commitment under a July 2026 hardware supply agreement. Up to $2.5 billion would remain, available only as GPU delivery and deployment milestones are met, with the first milestones expected in 2027. CNBC separately estimates a fully diluted value of up to about $1.4 trillion at the top of the range. That figure is not stated in the filing.