Google Commits $10 Billion to Private Placement Tied to Anthropic IPO

Key Facts

Anthropic said in a regulatory filing on November 10 that it would offer 825 million Class A shares at $70 to $78 each in an IPO that could raise more than $61 billion if priced at the midpoint of the range, according to the Associated Press. That would value the company at about $1.3 trillion at the proposed listing. In parallel, Google committed to buy Class N shares in a separate private placement worth $10 billion, at a price equal to the IPO price, under an agreement filed with the U.S. Securities and Exchange Commission. The agreement calls for the purchase to be completed immediately after the public offering closes. The structure combines a large public offering with private purchase commitments from major technology companies, while the IPO’s final proceeds remain subject to its final price.

Anthropic’s prospectus says Google’s purchase is not part of the shares offered to the public, but is a separate transaction that follows the IPO’s close. Under the prospectus assumption, the share price is $74, the midpoint of the indicative range, and Google would buy 135,135,135 Class N shares at that price for about $10 billion. Anthropic has also signed agreements to sell Class N shares in a private placement totaling $26 billion to Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. The prospectus says these purchases are priced at the IPO price. The transactions keep Google’s commitment separate from investors’ purchases in the public offering, although the price of both is linked to the IPO price.

The deal comes as Anthropic’s revenue accelerates, rising from $386 million in 2024 to $4.59 billion in 2025, according to data reported by Reuters. Revenue reached $16.29 billion in the first half of 2026, compared with $1.16 billion in the same period a year earlier. The Associated Press estimated the company’s first-half revenue at more than $16 billion, or 14 times its level in the comparable period a year earlier. But the company had not yet turned a profit, the agency said. Reuters data show operating losses narrowed to $693 million in the first half of 2026 from $2.14 billion in the first half of 2025, despite total expenses increasing fivefold.

Spending on computing and infrastructure remains a major part of the company’s financial picture. Reuters reported that Anthropic has committed to spending more than $600 billion with about eight partners over a decade. Its cloud commitments include at least $110 billion with Amazon, about $114.5 billion with Google and $44.9 billion with Microsoft over 7 to 10 years. Reuters said parts of these agreements are non-cancelable or require payment regardless of usage. These commitments link the company’s financing to purchases of computing capacity from some of its largest backers and shareholders, including Google and Amazon.

The importance of AI infrastructure is also reflected in Google Cloud’s business. In third-quarter results announced on October 28, Alphabet said Google Cloud revenue rose 103% year over year to $30.7 billion, while the group’s consolidated revenue increased 25% to $127.6 billion. Google and Alphabet Chief Executive Sundar Pichai attributed cloud growth to “strong demand for our infrastructure and AI solutions.” He added that demand for TPU systems was also strong. Those figures put Google’s Anthropic deal in the context of its expanding cloud business and demand for AI resources, as well as its investment in the company’s shares.

Anthropic says it is a public benefit corporation, a legal structure that requires it to balance investors’ profit goals with developing AI for the benefit of humanity, according to Reuters. The company expects to retain this structure after listing. If the IPO is priced at the midpoint of the range, its proceeds would remain below the record $86 billion raised by SpaceX in its June 2026 IPO, according to the Associated Press. The agency says Anthropic’s listing will precede OpenAI’s. The shares are expected to list on the Nasdaq Global Select Market under the ticker ANT, while an Axios report published on November 10 said trading was likely to begin sometime the following week, without specifying a day.

Alphabet’s Class A shares, which trade under the ticker GOOGL, closed at $288.15 on November 9, 2026, according to EL7 data. That close was from the session before IPO terms were announced on November 10 and does not represent a price for the announcement day. The available data did not include a documented price for Alphabet or the other companies mentioned in the draft article during the November 10 session. That closing price alone therefore does not measure the market’s move after the offering terms were announced. The next step is pricing the IPO and setting a trading start date within the expected window.