Anthropic Targets $68B IPO and Concurrent $26B Private Placement
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Key Takeaways
- Anthropic plans to sell 825 million Class A shares at an estimated average price of $74.00 per share.
- At the same time, the company plans to raise $26 billion from private investors, including Google, NVIDIA, AMD, Microsoft, and Broadcom.
- Anthropic expects to receive up to $68.4 billion after expenses. It plans to use the money for computing systems, infrastructure, and other business costs.
- The company will use a share system with different voting rights. Class F shares will control 50.1% of the voting power.
Anthropic, PBC filed an updated Form S-1 with the U.S. Securities and Exchange Commission on November 10, 2026. The filing describes the company's plan to sell shares to the public for the first time. Anthropic plans to offer 801,351,354 shares of Class A common stock. Existing shareholders will also sell another 23,648,646 shares. At an estimated price of $74.00 per share, Anthropic expects to receive about $59.4 billion after expenses. This amount could increase to $68.4 billion if the underwriters use their full option to buy another 123,750,000 shares.
At the same time, Anthropic has made agreements with several major business partners to raise another $26 billion through a private share sale. The company will sell them Class N common stock. Google LLC and NVIDIA Corporation have each agreed to invest $10 billion. Other investors include Advanced Micro Devices (AMD), which will invest $2.5 billion, as well as Broadcom, Micron Technology, Microsoft Corporation, and TSMC Partners, Ltd., which will invest different amounts. These private shares will cost the same as the shares sold to the public. However, they will not be available for immediate public resale. They will be treated as restricted securities under Rule 144.
Anthropic plans to use the money for general business needs. Its main goals include building more computing capacity and infrastructure, and hiring and keeping employees. The company may also use some of the money to buy other businesses or invest in new technologies and services. However, it says it has not made any major commitments to these plans yet. A large group of financial companies is managing the share sale. The main underwriters include Goldman Sachs & Co. LLC, Morgan Stanley, J.P. Morgan, and Citigroup.
Anthropic's ownership and voting system is another important part of the filing. The company uses several classes of shares with different voting rights to control how decisions are made. Class F shares hold 50.1% of all voting power. A special organization called the Long-Term Benefit Trust (LTBT) holds one Class T share. This share gives the trust the power to choose most of the members of the company's board of directors. The system is designed to help Anthropic follow its goals as a Delaware public benefit corporation. After the public share sale and private investment are completed, the company expects to have 13,086,672,593 common shares across all its share classes.