Anthropic Adds About $10B in Cloud Commitments; Google, Microsoft Named Strategic IPO Investors

What happened

The roughly $10 billion in added commitments is split across the two cloud providers: the Azure total reaches $49.2 billion and the Google Cloud total $121.6 billion, both running through 2033. The filing also notes that a deal with Lambda may be cancelled.

The same filing names Google and Microsoft as strategic investors in the IPO. Both are also buyers in the $26 billion private placement, whose seven buyers are Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC; TSMC's board approved on Nov 10 subscribing for up to $500 million of Anthropic common stock at the offering price.

The IPO itself is proceeding on schedule: the roadshow launched on Nov 10, offering 825 million Class A shares at $70 to $78 each for up to about $64.4 billion, plus the $26 billion private placement for a combined total of up to about $90.4 billion; pricing is set for Nov 18, with Nasdaq trading to begin on Nov 19 under the ticker ANT. Bloomberg reported on Nov 11 that first-day roadshow orders ran to several times the shares on offer, mostly large institutional indications of interest, and that bankers may price above the range. The filing discloses revenue of $33.24 billion for the first nine months and an annualized revenue run rate of about $81 billion at the end of October.

Key facts

1. Added commitments: About $10 billion more in cloud spending committed with Microsoft and Google, running through 2033
2. Totals: $49.2 billion on Azure and $121.6 billion on Google Cloud, about $170.8 billion combined
3. Strategic investors: Google and Microsoft named strategic IPO investors; both are also buyers in the $26 billion private placement
4. IPO terms: 825 million shares at $70 to $78; pricing Nov 18, Nasdaq trading from Nov 19 under ticker ANT
5. Orders and financials: First-day roadshow orders reportedly ran to several times the shares on offer; nine-month revenue $33.24 billion, annualized run rate about $81 billion at end-October