Anthropic Raised $65.2B at 10.5x Its Early-2025 Share Price

Anthropic sold preferred stock at $589.0095 a share in May and June 2026, raising $65.2 billion, according to the Form S-1 it filed with the SEC on 26 October 2026 to list on Nasdaq as ANT. Its Series E-1 round in January to March 2025 was priced at $56.0865 a share, so the later price is about 10.5 times the earlier one, by our arithmetic.

The same filing says Amazon and Google will each hold more than five percent of the company’s stock after its preferred shares and notes convert, in non-voting Class N shares. It also shows how much stock each of the seven co-founders holds, and lists five of them under Other Selling Stockholders.

Four Rounds Since January 2025

Source: Anthropic, PBC Form S-1, filed 26 October 2026 (redeemable convertible preferred stock financings). Series H: about $45.7 billion of Series H-1 and about $19.5 billion of non-voting Series H-2. Ratios and totals in the text are our arithmetic.

The S-1 says that from May 2026 to June 2026 Anthropic sold 77,637,878 shares of Series H-1 preferred stock to 305 accredited investors and 33,110,291 shares of non-voting Series H-2 preferred stock to 11 accredited investors, both at $589.0095 a share. Elsewhere it gives the round’s aggregate gross proceeds as $65.2 billion.

By our arithmetic, the four rounds in the table add up to about $105 billion. Each round’s price was higher than the one before: the Series H price is about 4.2 times the Series F-1 price of $140.9676, and about 2.3 times the Series G-1 price of $259.1364.

Where Amazon and Google Sit

The risk factors say: “After giving effect to the Preferred Stock Conversion and the Convertible Notes Conversion, Amazon and Google will each hold greater than five percent of our outstanding capital stock.” Their shares are Class N, and the filing adds: “Although our Class N common stock is non-voting, their holdings represent a significant economic interest in our company.”

Both companies were in the latest round. The S-1 says Amazon invested $5.0 billion in the Series H financing in May 2026, and Google invested $10.0 billion. Those investments reduced what each can still put in under separate 2026 agreements. Amazon’s, signed in April 2026 for up to $20.0 billion of non-voting common stock or convertible notes, fell to $15.0 billion. Google’s, signed in March 2026 for up to $30.0 billion, fell to $20.0 billion.

Amazon also still holds convertible notes. As of 30 June 2026 the S-1 lists about $2.2 billion outstanding on a rollover note under its 2023 agreement and $4.0 billion under its 2024 agreement. The filing says further Class N shares will be issuable after the IPO on notes, all held by Amazon, that could not convert without exceeding an ownership cap. The share counts for both companies are blank in this version of the filing.

What the Co-Founders Hold

Source: Anthropic, PBC Form S-1, Principal and Selling Stockholders table, as of 30 September 2026. Ownership and voting percentages are blank in the filing.

The table lists Dario Amodei and Daniela Amodei among the named executive officers and directors, and the other five co-founders under Other Selling Stockholders. Its footnote says the company expects all seven to enter into the Founder LLC Agreement, and the table shows the Founder LLC holding the single Class F share with 50.1% of the voting power. The filing says that, as a result, “the voting power of the holders of Class A common stock is limited to an aggregate of 49.9% of the total outstanding voting power as of the applicable record date.”

The S-1 also says “our co-founders have each pledged to dedicate 80% of their personal equity in Anthropic to philanthropic causes,” and adds that “These commitments are voluntary, revocable expressions of each co-founder’s philanthropic intent and do not constitute legally binding obligations.”

When Insiders Can Sell

The filing sets two lock-up periods. For the co-founders and certain stockholders holding more than 0.5% of the fully diluted shares, it runs until results for the quarter ending 30 September 2027 are out, or until the 365th day after the prospectus date, whichever is earlier. For all other holders it ends after the results for the quarter ending 31 March 2027, or after 180 days.

The S-1 says Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC may release stockholders from the lock-up agreements before the end of those periods.

What the IPO Pays For

The filing says Anthropic intends to use the net proceeds “for general corporate purposes, including working capital, operating expenses, and capital expenditures, including investments in compute and infrastructure, as well as hiring and retention of highly skilled personnel.” It also intends to use a portion to cover tax withholding on the settlement of certain restricted stock units.

It says it will not receive any proceeds from shares sold by the selling stockholders. The amount of net proceeds, the price range and the number of shares offered are blank in this version of the S-1.

The cash flow statement shows how much came in through financing before the IPO. In the six months to 30 June 2026, which are unaudited, net cash provided by financing activities was $110.77 billion, against $4.75 billion a year earlier. Operating activities provided $3.93 billion, after using $1.51 billion in the same period of 2025, and investing activities used $17.18 billion.

Connecting the Coverage

Our S-1 piece reported the filing’s revenue and loss figures, including the $72.39 billion fair-value change on convertible notes in the first half of 2026. Our governance piece covered the Class F share, the Long-Term Benefit Trust and customer concentration. Our SpaceXAI piece covered the up-to-$120.5 billion compute agreement. Our pre-IPO data piece covered spend-panel data on adoption before the filing. What is new here is the price of each round, where Amazon and Google sit, what the co-founders hold and when insiders can sell.

The Structural Read

As we read it, Amazon and Google sit on both sides of the company. The S-1 says “We rely on a limited number of CSPs—Amazon.com, Inc.” among them, along with Google and Microsoft, and it says Amazon and Google will each hold more than five percent of the stock after conversions, in Class N shares that carry no vote.

As we read it, the voting split is the second headline: the S-1 gives a single Class F share 50.1% of the total voting power, which caps all Class A holders together at 49.9%, while the seven co-founders also each hold between about 232 million and 245 million Class A shares.

The S-1 leaves the ownership percentages, the Class N share counts and the offering size blank, so the stakes that come with the listed shares are not yet set. It gives round prices, not a valuation.

Three Implications

FOR IPO INVESTORS The S-1 caps the aggregate voting power of Class A holders at 49.9% and says the company will not receive proceeds from shares sold by the selling stockholders.

FOR AMAZON AND GOOGLE The S-1 says Amazon can still put in up to $15.0 billion and Google up to $20.0 billion under their 2026 agreements, after their Series H investments.

FOR THE MARKET AFTER LISTING The S-1 sets lock-ups that end after results for the quarter ending 31 March 2027 or 180 days for most holders, and after results for the quarter ending 30 September 2027 or 365 days for co-founders and certain large holders.

The Business Engineer Lens

This story maps onto the Business Engineer framework The AI Capex Map.

The framework sets out to map the financing of AI: “How the money flows, where it cracks, what it buys, who can absorb it, and what happens when revenue can’t catch up.”

As we read it, the S-1 answers the framework’s first question for one company: the money came in through four preferred rounds and convertible notes, with Amazon and Google among the investors, and the filing says the IPO proceeds are for uses including compute and infrastructure. The framework was published in May 2026 and does not discuss this filing.

What Is Not Established

The S-1 leaves blank the percentages of ownership and voting power, the number of Class N shares for Amazon and Google, the price range and the size of the offering. It gives prices for preferred stock rounds, not a valuation for the IPO, and we have not computed one. The co-founders’ share counts are as of 30 September 2026 and include options and restricted stock units vesting within 60 days. The S-1 is a preliminary filing that can be amended before pricing.

The Bottom Line

Anthropic’s S-1 shows four preferred stock rounds since January 2025, from $56.0865 a share to $589.0095 a share, the last raising $65.2 billion. Amazon and Google each end up with more than five percent of the company in non-voting Class N shares, the seven co-founders each hold between about 232 million and 245 million Class A shares, and insiders face lock-ups of up to a year.