Anthropic secures $26bn from tech giants for IPO as price range set

The transaction reduces the risk at a delicate time for AI equities. Securing $26 billion in demand ahead of the launch makes a poor debut less probable and could improve confidence across AI stocks if the pricing succeeds. The structure involving suppliers as investors could also intensify worries about circular funding in the AI space, a concern that has already affected credit spreads and hyperscaler financing. For the broader market, the eventual price and the resulting market value will establish a reference for AI company valuations after last week's decline. A deal at the upper end of the price band would indicate strong demand, while one at the lower end would imply the correction still has room to continue.

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Anthropic is approaching the market with its largest suppliers as cornerstone buyers, a gesture of backing that both solidifies the deal and sharpens questions about who is financing the AI expansion.

Key details:

• Anthropic intends to offer around 867 million new shares priced between $70 and $80 each, potentially raising up to roughly $69 billion, based on a filing reviewed by Reuters
• Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC will contribute a combined $26 billion via a private placement at the IPO price
• The combination of the IPO and placement is expected to generate around $87 billion to $95 billion; the IPO alone does not surpass SpaceX's roughly $75 billion milestone
• The resulting company valuation was not made public
• Trading is slated to commence on the Nasdaq under the symbol "ANT" as early as Thursday or Friday of next week

Anthropic has arranged $26 billion in commitments from several leading technology firms to purchase shares alongside its public offering, establishing conditions for what might be the biggest capital raise of any stock market listing.

The creator of Claude plans to sell roughly 867 million new shares at a price range of $70 to $80 each, generating up to about $69 billion, according to a document seen by Reuters. Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC will jointly commit an additional $26 billion through a private sale at the IPO price.

Together, the offering and the private placement would collect approximately $87 billion to $95 billion. Even at the highest price within its range, the public offering alone does not beat the record of around $75 billion that SpaceX achieved in June, though the total including the private sale would surpass it. Some premature reports described the IPO as record-breaking, which is accurate only when the placement is factored in. The valuation has not been revealed, as the total share count following the sale was not provided.

The identity of the anchor investors is notable. Each company involved produces chips, memory or cloud services for AI developers, positioning them as both suppliers to Anthropic and now owners of its stock. This links the deal closely to the broader discussion about how the AI infrastructure build is funded, and what portion is provided by firms that also gain from the spending.

The pledges come one week after a steep drop in AI shares, during which the Nasdaq Composite lost about $2.5 trillion in value following the US midterm elections. The Wall Street Journal had reported that some large investors were urging Anthropic to agree to a valuation below the approximately $1.5 trillion previously anticipated, and significantly under the $2 trillion figure floated months ago. Locking in substantial committed buyers at the IPO price prior to launch lessens the chance of weak interest in a jittery market.

Anthropic expects its stock to start trading on the Nasdaq under the ticker "ANT" as soon as Thursday or Friday of next week, the Journal reported. Goldman Sachs and Morgan Stanley are serving as advisers for the transaction. The final price, and the valuation it reflects, will provide the most significant gauge yet of public market interest in AI following the recent downturn.