Amazon and Google Stakes in Anthropic Could Reach $411 Billion at IPO
Key Facts
Anthropic launched its roadshow for its proposed IPO on November 10, putting Amazon and Google’s stakes in focus: their combined value could reach $411 billion if the shares are priced at the top of the proposed range, according to Reuters calculations based on the filing. The company is targeting the sale of 825 million Class A shares, with an expected initial price range of $70 to $78 per share. Anthropic filed to list the shares on the Nasdaq Global Select Market under the symbol ANT. The offering includes new shares sold by the company and shares sold by existing shareholders. The potential size of the stakes reflects the overlap between major technology companies’ investments and their role as providers of the company’s computing infrastructure.
Of the total proposed shares, Anthropic is selling about 801,351,354, while existing shareholders are offering 23,648,646. At the top end, $78 per share, Amazon’s stake could be worth $271.8 billion and Google’s $139 billion, according to Reuters calculations published by MarketScreener. That means the combined figure of $411 billion is tied to the final offering price and does not represent cash proceeds the two companies would receive from selling their shares. At the midpoint of the range, the deal would allow the company to raise more than $61 billion from the IPO, according to the Associated Press. Those proceeds remain estimates until the final price and the number of shares actually sold are determined.
The IPO coincides with a private placement of Class N shares worth about $26 billion, calculated using an assumed price of $74 per share. Proposed investors include Google and NVIDIA, with an investment of about $10 billion each, and AMD, with about $2.5 billion, along with four other investors. Completion of the private placement is conditional on completion of the IPO, but the IPO itself is not conditional on completion of the private placement, according to Anthropic’s filing. The company estimated net proceeds from the two transactions at about $84.6 billion at the assumed price of $74 per share. The estimate rises to $93.7 billion if underwriters fully exercise their option to purchase additional shares.
Anthropic has earmarked the proceeds for general purposes, including working capital, operating expenses and capital expenditures, including computing, infrastructure and hiring. The proposed financing comes as the company faces significant commitments to build its computing capacity, while its filing warns of reliance on a limited number of cloud service providers: Amazon, Google and Microsoft. The company says those providers supply computing resources and essential components of its infrastructure. A disruption to financing or credit support for some computing suppliers could delay, reprice, reduce or prevent delivery of contracted capacity. That makes infrastructure availability and its financing terms central to how the offering proceeds will be used.
Results for the nine months ended September 30, 2026, add a striking accounting dimension to the IPO story: Anthropic recorded net losses of $104 billion. The registration filing attributed $94.3 billion of the losses to fair-value changes in convertible notes, derivative liabilities and simple agreements for future equity, known as SAFEs. The company said those changes were primarily due to the increase in the value of its convertible notes as its enterprise valuation rose. Meanwhile, Reuters reported third-quarter revenue of $16.96 billion, up 47% from the previous quarter, following a 144% increase in the second quarter. This shows a slowdown in revenue growth as the company expands spending on computing and infrastructure.
Class N shares carry economic rights similar to Class A shares but have no voting rights, according to the registration filing. Anthropic said Class N shares would represent about 43.2% of outstanding capital after completion of the IPO and concurrent private placement, excluding Classes T, F and E. This structure changes if Class N shares are sold to an unaffiliated party, in which case they convert into Class A shares. As a result, major investors could retain broad economic interests without voting rights comparable to those of Class A holders. The November 10 announcement of the roadshow did not specify when trading would begin.