Nvidia agreed to buy $10 billion of Anthropic stock at whatever price the AI company's initial public offering is struck at, matching an identical $10 billion commitment from Alphabet's Google. Micron committed $1 billion. The Motley Fool reported the commitments from an amended S-1 registration statement Anthropic filed with the SEC on Tuesday, November 10th, 2026.

The two large checks are part of a $26 billion private placement by seven technology companies, all of it priced at the final IPO price. Bloomberg, citing people familiar with the matter, reported that the offering is already oversubscribed several times over after the roadshow launched the same day.

What happened

The individual commitments reported by The Motley Fool from the filing are Nvidia at $10 billion, Google at $10 billion, AMD at $2.5 billion, and Micron, Broadcom and Microsoft at $1 billion each. TSMC Partners, an affiliate of Taiwan Semiconductor Manufacturing, is in for $500 million. The seven add to $26.0 billion.

TipRanks, citing the filing, reported that Anthropic expects to sell roughly 351,351,348 Class N shares in the placement. Those shares will not be registered as part of the IPO, and the structure avoids underwriting fees.

Why it travels

The money is moving in a circle, and the filing says so in places. KuCoin's summary of the document reported that Google's $10 billion stems from existing financing arrangements and that AMD's commitment offsets prior equity commitments tied to GPU delivery and deployment. The AOL and Motley Fool write-up said the filing ties two of the seven checks to deals already in place, but not Nvidia's.

The Synthesis newsletter, reading the same filing, reported that under a July hardware agreement AMD committed to buy up to $5.0 billion of Anthropic Class N stock, drawable in increments as AMD chips are delivered and deployed, and that Anthropic can issue up to $42 billion of convertible notes under its Broadcom arrangement. Anthropic reported run-rate revenue of approximately $81 billion as of October 31st, 2026 and $33.2 billion of revenue over nine months, against roughly $895 billion to $900.9 billion of computing commitments. Its compute pool spans Amazon Trainium, Google TPUs and Nvidia and AMD GPUs.

Our record for NVDA has nothing to add here, and it is worth saying why. This is not an insider transaction. These are corporate equity investments by suppliers in a customer, not officers or directors buying shares of their own employer, and no Form 4 is involved.

What the record shows

Anthropic set an IPO price range of $70 to $78 per share for 825 million Class A shares, of which 801.4 million are newly issued and 23.6 million are being sold by existing holders, to list on the Nasdaq Global Select Market under the ticker ANT. Yahoo Finance and FinanceFeeds reported the terms from the November 10th, 2026 filing. CNBC reported that Anthropic expects to price on November 18th, 2026 and begin trading November 19th, 2026, with a retail allocation target of about 20%, well above the norm.

The headline raise depends on who is counting. Yahoo Finance reported net proceeds of about $84.6 billion from the IPO and placement combined at the $74 midpoint, rising to roughly $93.7 billion with the over-allotment. Quartz and investingLive put the combined target at as much as $90.4 billion at the top of the range, KuCoin reported the IPO alone could raise up to $62.5 billion plus $9.6 billion of greenshoe, and Breitbart, citing CNBC, put gross IPO proceeds at up to $64.35 billion. Valuations diverge too: Yahoo Finance calculated roughly $916 billion to $1.02 trillion on about 13.09 billion shares outstanding after the offering, while Breitbart, ABC News and Bloomberg reported a fully diluted figure of as much as $1.4 trillion, above the $965 billion from the May 2026 funding round and below the $2 trillion some investors had floated.

What to watch

Business Today, citing Bloomberg and the Financial Times, reported that demand has led underwriters to weigh pushing the target valuation beyond $1.5 trillion, up from about $1.1 trillion. That is a report of underwriter deliberations, not a figure in any filing. Separately, Yahoo Finance reported that Anthropic cut the size of its offering by about 7%, or $4.9 billion, from a version its lawyers sent to banks on Monday night, November 9th, 2026 and then withdrew as erroneous, leaving a planned raise of up to $64.4 billion.

investingLive noted that a combined figure near $90 billion would top SpaceX's June 2026 record of about $86 billion including over-allotment, making this the largest stock market debut on record. CNBC's Jim Cramer called it the most consequential deal of our time on November 10th, 2026, and after the updated filing said the market had dodged a real bullet on the lower-than-feared valuation.

Reporting from The Motley Fool, Yahoo Finance, Quartz and investingLive citing Bloomberg, CNBC, TipRanks, FinanceFeeds, ABC News and Business Today, November 10th, 2026 through November 12th, 2026.

Informational only, not investment advice.