Tech & AI
Anthropic Lines Up $26 Billion Private Placement from Seven Tech Firms Alongside Nasdaq IPO
Google and Nvidia would each take $10 billion of Anthropic stock at the IPO price, with AMD, Broadcom, Micron, Microsoft and TSMC's investment arm also committed, an amended filing shows.
HedgeWeekly Tech & AI Desk ·
Seven companies have agreed to buy a combined $26.0 billion of Anthropic stock in a private placement that would close right after the AI developer's initial public offering, according to an amended registration statement filed with the US Securities and Exchange Commission. The shares, a separate class known as Class N, would be bought at the IPO price.
Based on the $74 midpoint of the proposed range, Google and Nvidia would each put in about $10.0 billion. AMD is down for $2.5 billion, while Broadcom, Micron Technology and Microsoft would each invest about $1.0 billion. TSMC Partners, the Taiwan chipmaker's investment vehicle, would contribute $500 million. The filing says Google's purchase partly funds an investment obligation it had already made.
The public offering itself covers 825 million Class A shares at $70 to $78 each, of which 801.35 million come from Anthropic and 23.65 million from existing holders. Anthropic has applied to list on the Nasdaq Global Select Market under the symbol ANT. A syndicated report citing the company's roadshow material says pricing is expected on November 18. The placement shares are restricted securities and are not covered by underwriter lock-ups.
Why it matters: Several of the buyers also supply Anthropic with chips, cloud capacity or memory, so part of the money may return to them as revenue, a circularity investors are likely to weigh when valuing both sides. The placement also adds a large anchor of strategic demand to an offering that would already be among the biggest on record. Watch the final price range, the order book and how the placement shares trade once they can be sold.