Anthropic sets IPO terms at up to $1 trillion — and NVIDIA, Google, AMD and TSMC are buying $26 billion of it

The terms, from Amendment No. 2 to Anthropic's Form S-1 filed with the SEC on Nov 10, 2026, as reported the same day by Reuters, CNBC and Axios from the filing: Anthropic itself sells 801,351,354 of the 825 million shares and existing stockholders sell 23,648,646; underwriters hold a 30-day option on a further 123,750,000 shares, which at $78 would take the total raise to about $74 billion. A draft circulated to banks late on Nov 9 showed about 867 million shares at $70 to $80; Anthropic told the banks those details were inaccurate, and the Nov 10 amended filing — $70 to $78 — is the version of record. CNBC reports pricing on Nov 18 and trading from Nov 19; the filing itself gives no dates, so we report that timing as reported, not filed.

The placement is the part this desk cares about: Google and NVIDIA have each agreed to buy about $10 billion of non-voting Class N shares at the IPO price, AMD $2.5 billion, and Broadcom, Micron, Microsoft and TSMC $1 billion, $1 billion, $1 billion and $500 million respectively — $26 billion in all, per the filing summaries. The filing's use-of-proceeds language covers general corporate purposes including compute and infrastructure. One widely flashed sub-claim — up to $120.5 billion of NVIDIA GPU compute agreements with SpaceX — appears in none of the detailed filing summaries we read, so we do not print it as fact.