Anthropic’s amended S-1, filed with the SEC on 10 November, gives the split of the $26.0 billion concurrent private placement for the first time: Nvidia and Google $10.0 billion each, AMD $2.5 billion, Broadcom, Micron and Microsoft $1.0 billion each, and TSMC $500 million, all in non-voting Class N stock at the IPO price. Google, Microsoft and Broadcom put in $12.0 billion between them; the same filing names $329.7 billion that Anthropic has committed to spend with those three, 27.5 times as much, by our arithmetic.
Nearly half of the $26.0 billion was already promised. Google’s $10.0 billion exercises an option under its 2026 note purchase agreement, and AMD’s $2.5 billion counts toward an existing $5.0 billion equity commitment, the filing says: $12.5 billion, or 48.1%, by our arithmetic.
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The key insight: Anthropic’s S-1/A of 10 November splits the $26.0 billion placement: Nvidia and Google $10.0 billion each, AMD $2.5 billion, Broadcom, Micron and Microsoft $1.0 billion each, TSMC $500 million. Google, Microsoft and Broadcom put in $12.0 billion; the filing names $329.7 billion of Anthropic commitments to them, 27.5 times as much, by our arithmetic.
The S-1/A says the seven agreed, “severally and not jointly, to purchase an aggregate of $26.0 billion of our Class N common stock in a private placement at a price per share equal to the initial public offering price”. At the $74.00 midpoint of the $70.00 to $78.00 range on the cover, that is 351,351,348 shares: 135,135,135 each for Google and Nvidia, 33,783,783 for AMD, 13,513,513 each for Broadcom, Micron and Microsoft, and 6,756,756 for TSMC.
The public offering itself is 825,000,000 Class A shares, to list on Nasdaq under “ANT”. The placement is set to close right after the IPO and depends on conditions that include stockholder approval, the filing says; “The completion of this offering is not contingent on the completion of the concurrent private placement”.
The placement shares sit outside the lock-up. The filing says “These shares will not be subject to market standoff agreements with us or lock-up agreements with the underwriters”. They are restricted securities instead: in general, a buyer that is not an affiliate may resell under Rule 144 after holding them for at least six months, once Anthropic has been a reporting company for 90 days. Class N stock has “no voting rights, except as otherwise required by law”, as we reported this morning.
The $26.0 billion concurrent private placement by buyer, in Class N stock at the IPO price, from Anthropic’s S-1/A of 10 November 2026. Tags show the filing’s named spend commitment with each buyer; the multiples are our arithmetic.
Money In Against Money Committed
Google: $10.0 billion in. Under a CSP hosting agreement, Anthropic “committed to spend at least approximately $121.3 billion between April 2026 and July 2033, regardless of actual usage”. That is 12.1 times the placement, by our arithmetic. The filing estimates a further $125.0 billion to $150.0 billion for additional TPU compute, which is not in its obligations table.
Broadcom: $1.0 billion in. Anthropic’s five-year master equipment leases with Broadcom, and with financing entities after assignments, carry rent “equal to an aggregate of approximately $161.2 billion excluding interest” for TPU-based compute: 161 times the placement, by our arithmetic.
Microsoft: $1.0 billion in. Anthropic “committed to spend an aggregate of at least $47.2 billion and up to $49.2 billion between November 2026 and June 2033, regardless of actual usage”, 47.2 times the placement at the minimum, by our arithmetic. The 2 November S-1/A gave the minimum as “at least $44.9 billion”; the new filing says the agreement was amended between February and November 2026, so the floor is $2.3 billion higher, by our arithmetic.
AMD: $2.5 billion in. The AMD agreement has no fixed dollar commitment; if Anthropic buys the full initial capacity, it expects spending “to exceed $20.0 billion over the term of the agreement”, more than 8 times the placement, by our arithmetic. Up to $2.5 billion of AMD’s equity commitment remains, tied to GPU delivery milestones.
Nvidia: $10.0 billion in, but the filing gives no stated-amount contract with Nvidia itself. It describes a “strategic partnership with NVIDIA” alongside deals with other providers of Nvidia-powered compute: up to $120.5 billion with SpaceXAI, up to about $44.6 billion with Nscale and about $41.3 billion with Lambda. Those three total $206.4 billion, 20.6 times Nvidia’s placement, by our arithmetic; those contracts are with the providers, not with Nvidia. The filing says Lambda’s $34.9 billion August agreement is currently terminable by either party.
Micron and TSMC, at $1.0 billion and $500 million, have no stated-amount commitment in the filing. Its risk factors say the most advanced chip capacity is concentrated in Taiwan, “primarily at Taiwan Semiconductor Manufacturing Company”, and that high-bandwidth memory is largely made by SK hynix, Samsung and Micron.
The $900.9 Billion Total
The S-1/A puts Anthropic’s purchase commitments and leases, including those signed after 30 September, at “an aggregate committed spend of approximately $900.9 billion, substantially all of which is related to compute and infrastructure”. It says about $451.6 billion falls before the end of 2030, substantially all of the rest between 2031 and 2045, and about $70.7 billion in the 12 months after 30 September.
The 2 November filing gave $895.4 billion, so the total rose $5.5 billion, or 0.6%, by our arithmetic. The $26.0 billion placement equals 2.9% of the new total, by our arithmetic. The filing also excludes arrangements with no fixed dollar amount, which it estimates at $150 billion to $175 billion, and says about $186.2 billion of obligations are subject to termination rights or contingent conditions.
As we read the filing, the placement and the compute contracts run in opposite directions between the same companies: for Google, Microsoft and Broadcom, about 3.6 cents of stock is bought for each dollar Anthropic has committed to them, by our arithmetic.
As we read the split, the newly agreed money is $13.5 billion from Nvidia, Broadcom, Micron, Microsoft and TSMC; the other $12.5 billion from Google and AMD draws on commitments the filing already described, by our arithmetic.
Anthropic S-1/A, 10 November 2026
“We intend to fund these investments through the revenue we generate and the capital that we raise”
Three Implications
FOR THE IPO The filing puts net proceeds from the offering and the placement at about $84.6 billion at the $74.00 midpoint, or about $93.7 billion with the underwriters’ option in full.
FOR THE SEVEN BUYERS Their Class N shares carry no vote and sit outside the underwriters’ lock-up; in general a non-affiliate may resell under Rule 144 after six months, the filing says.
FOR THE COMMITMENTS The filing puts total committed spend at about $900.9 billion, up $5.5 billion from the 2 November filing, by our arithmetic; the $26.0 billion placement equals 2.9% of it.
The framework argues: “the capex race is no longer a corporate spending cycle. It is a sovereign-scale financing problem dressed in tech-company clothing”.
As we read it, Anthropic’s filing shows that financing on both sides of the ledger: $900.9 billion of committed spend on one side, and on the other $26.0 billion of stock sold to seven chip and cloud suppliers. The framework predates this filing and does not discuss it.
What Is Not Established
The final IPO price is not set; the share counts above are at the $74.00 midpoint the filing assumes. Stockholder approval of the placement is still pending. The filing does not say whether Microsoft’s November amendment is connected to its $1.0 billion purchase, and it gives no terms for Nvidia, Micron or TSMC beyond the placement. Our earlier coverage of the retracted price range, the 825 million-share draft and the share-count valuation is gathered in our Anthropic IPO map.
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Anthropic’s filing now names each buyer’s share of the $26.0 billion placement. For the three buyers with stated-amount contracts, Google, Microsoft and Broadcom, $12.0 billion goes in and $329.7 billion is committed to them, 27.5 times as much, by our arithmetic; $12.5 billion of the $26.0 billion was promised before this filing.
A note on sourcing. Placement amounts, share counts, commitments and quotations are from Anthropic’s S-1/A filed with the SEC on 10 November 2026; earlier figures are from its S-1/A of 2 November 2026. Multiples, sums and percentages are our arithmetic. Anthropic was not contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
