TSMC Board Approves $500 Million Each for Anthropic and OpenAI

What happened

Under a Form 6-K filed on Nov 10, TSMC's board approved buying up to $500 million of Anthropic common shares at the IPO price and up to $500 million of OpenAI preferred stock; the filing does not say which OpenAI funding round the investment belongs to or at what price.

Anthropic's amended prospectus filed the same day lists TSMC Partners among seven buyers agreeing to purchase $26.0 billion of nonvoting Class N stock at the IPO price. At the $74 midpoint of the price range, TSMC Partners would buy about 6.76 million shares for about $500 million; Google and Nvidia would each buy about $10.0 billion, AMD about $2.5 billion, and Broadcom, Micron and Microsoft about $1.0 billion each.

The same board meeting approved about $40.93 billion in capital appropriations, mainly for advanced-process and packaging capacity, fab construction and 2027 research and development, and up to $500 million to set up an investment company for strategic investments in the chip industry and related businesses. The quarterly cash dividend rises to NT$9.0 a share from NT$7.0, with an ex-dividend date of March 11, 2027 and payment on April 8, 2027.

Key facts

1. Anthropic investment: Up to $500 million in common shares at the IPO price, part of a $26 billion private placement that closes right after the IPO, subject to conditions in the filing
2. OpenAI investment: Up to $500 million in preferred stock; the filing gives no round or price; Bloomberg reported on Nov 6 that OpenAI has received about $11 billion in its current round at a $1.25 trillion valuation, with the round possibly reaching $20 billion
3. Seven placement buyers: Google about $10.0 billion, Nvidia about $10.0 billion, AMD about $2.5 billion, Broadcom about $1.0 billion, Micron about $1.0 billion, Microsoft about $1.0 billion and TSMC about $500 million (at the $74 midpoint; actual share counts change with the final price)
4. Capital spending: About $40.93 billion approved this time, after $29.44 billion in August and $31.28 billion in May
5. Dividend: Third-quarter cash dividend of NT$9.0 a share, up from NT$7.0 in each of the first two quarters; ex-dividend date March 11, 2027 for common shares and ADSs, payment April 8, 2027 for common shares
6. Investment company: The board also approved up to $500 million to set up an investment company for strategic investments in the chip industry and related businesses