Broadcom Commits About $1 Billion to Anthropic’s Private Class N Share Offering
Key Facts
Broadcom plans to buy 13,513,513 Class N shares in Anthropic for about $1.0 billion, according to an amended registration statement Anthropic filed with the U.S. Securities and Exchange Commission. The estimate is based on an assumed offering price of $74 per share, a calculation in the filing rather than a final price for Broadcom’s shares in the deal. The participation is part of a private offering linked to Anthropic’s proposed public offering. The disclosure does not mean the investment has been completed; the filing tied completion of the private offering to completion of the public offering and other requirements. The company said closing is scheduled immediately after completion of the public offering, making Broadcom’s participation dependent on the outcome of that offering.
The filing describes the shares Broadcom will buy as Class N, a class that carries no voting rights unless required by law. The investment therefore provides an ownership stake in Anthropic without the usual voting rights, according to the company’s description of the class. The disclosure shows that the contribution value and share count are not fixed independently of offering pricing, but were calculated using an assumed price of $74 per share. At that assumption, about 13.5 million shares are allocated to Broadcom, and the purchase value is close to $1 billion. The announced price range for the public offering, from $70 to $78, applies to the proposed offering price and does not represent a set price for Broadcom’s shares in the private investment.
Anthropic’s filing allocates the other purchase commitments to a number of technology companies. Based on an assumed price of $74, Google and NVIDIA are buying about $10.0 billion in shares each, while AMD’s stake is about $2.5 billion. Broadcom, Micron and Microsoft are each buying about $1.0 billion, under the same assumption. The filing mentions TSMC in the next line in the context of these commitments. The figures place Broadcom’s participation among a group of strategic buyers in the private offering, with the stated amounts remaining estimates tied to the assumed offering price.
The disclosures link the investment to a broader commercial relationship between Broadcom and Anthropic in computing infrastructure. In its filing, Anthropic says it will be able to access about 3.5 gigawatts of computing capacity through Broadcom starting in 2027, with its use of that expanded capacity dependent on continued commercial success. Broadcom announced on October 26, 2026, a $63 billion financing structure to support the purchase of XPU artificial intelligence accelerators and networking solutions from Broadcom and their lease to Anthropic. The company said deliveries under the arrangement are expected to begin during 2027. The relationship thus combines the purchase of Anthropic shares with the provision of computing and networking infrastructure, according to disclosures from the two companies.
Anthropic’s filing also gives estimates for proceeds from the public and private offerings combined, putting net proceeds at about $84.6 billion based on an assumed offering price of $74 per share. Estimated net proceeds could rise to about $93.7 billion if underwriters exercise their option to buy additional shares in full, under the same assumption. According to the Associated Press, the company will offer 825 million shares at between $70 and $78 each in the proposed offering. Pricing the offering at the midpoint of that range could raise more than $61 billion, the agency said. These figures are estimates for the proposed offering, not final proceeds; completion of the private investment remains conditional on completion of the public offering and the terms in the filing.
Against the backdrop of the company’s expansion, a filing from the previous month estimated Anthropic’s revenue at more than $16 billion in the first half of 2026, according to the Associated Press. That represents 14 times revenue for the same period a year earlier, the agency said. The growth provides context for the scale of the financing and offering the company is seeking to complete, while disclosures indicate that its use of additional computing capacity through Broadcom depends on continued commercial success. The private offering is scheduled to close immediately after completion of the public offering, if the specified conditions are met. Broadcom also expects deliveries under the financing arrangement tied to artificial intelligence accelerators and networking solutions to begin in 2027.