TLDR
- Google agreed to buy about $10 billion of Anthropic stock at the IPO price.
- Nvidia agreed to the same amount in a $26 billion private placement.
- Google’s shares are non-voting, and its ownership is capped at 14.99%.
- Google’s placement shares have no lock-up but face resale limits.
- Anthropic expects to price on Nov. 18 and start trading on Nov. 19.
Google has agreed to buy about $10 billion of Anthropic stock at the price of the company’s initial public offering. The deal appears in an amended filing Anthropic made this week.
Nvidia agreed to a purchase of the same size. Both are part of a $26 billion private placement with seven buyers.
Anthropic plans to sell 825 million shares at $70 to $78 each. It plans to list on the Nasdaq under the ticker ANT.
The placement closes just after the IPO. It is subject to conditions, including approval by Anthropic’s stockholders.
What Google Gets for Its $10 Billion
Google will receive Class N shares, which generally carry no vote. At the $74 midpoint, $10 billion buys 135,135,135 shares.
The purchase is set in dollars, so the share count changes with the final price. The same $10 billion buys about 143 million shares at $70 and 128 million at $78.
The filing says Google’s purchase uses up an option under a March 2026 financing agreement. It funds part of an investment Google had already committed to make.
TradingKey estimates Google’s holding could rise to about 1.79 billion shares from 1.65 billion. That would be worth roughly $132.4 billion at the midpoint.
Google’s 2026 agreement caps its ownership at 14.99%. The Class N shares do not give Google control of Anthropic.
Google’s placement shares have no lock-up. They are restricted securities, so they can be resold only under a registration statement or an exemption.
Reuters calculated that Google’s stake would be worth $139 billion at $78, against $33.3 billion invested. That figure includes the $10 billion Google is spending in the placement.
The Wider Picture for the Offering
Amazon’s stake would be worth $271.8 billion at $78, against $18.0 billion invested. Reuters put the combined Amazon and Google stakes at $411 billion.
Amazon will hold 1,920,511,218 Class N shares after the offering. Another 1,563,617,444 shares will be issued later because its notes cap it at 12%.
Anthropic reported revenue of $33.2 billion for the first nine months of 2026, up from $2.5 billion a year earlier. Its operating loss fell to $1.3 billion from $5.2 billion.
Anthropic runs its Claude models on Google’s tensor processing units. It also uses chips from Amazon, Nvidia and AMD.
Most existing holders face lock-ups of up to 180 days. Certain holders of more than 0.5% of fully diluted shares face up to 365 days.
Alphabet shares rose 1.10% to $290.54 on Wednesday after the filing. Google Cloud revenue rose 103% to $30.71 billion in the third quarter.
Bankers reportedly expect pricing above the range, and one outside estimate puts that near $83 a share. Nvidia reports quarterly results on Nov. 17, and Anthropic expects to price its IPO on Nov. 18 and begin trading on Nov. 19.
