Business
Anthropic's IPO prospectus flags existential risks as Nvidia and Google anchor a $26bn placement
Anthropic's stock market debut includes a $26 billion private placement, with Nvidia and Google each buying about $10 billion of shares. The 300-plus-page prospectus also devotes nearly 100 pages to risks that economist Natasha Sarin describes as existential.
AI text based on reports by The New York Times, El Periódico and EL PAÍS. Published . How it is made
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In brief
EL PAÍS reports Nvidia would buy about $10 billion of shares at a $74 base price, with Google buying the same amount and AMD taking $2.5 billion.
The seven co-founders hold 50.1% of Anthropic collectively, including CEO Dario Amodei and president Daniela Amodei, according to Natasha Sarin's reading of the prospectus.
Nearly 100 pages of the 300-plus-page prospectus outline risks Sarin says could threaten humanity, which she calls existential.
The New York Times reports a target valuation of up to $1.4 trillion, after a May funding round valued the company at $965 billion, per EL PAÍS.
El Periódico lists a 2025 net loss of $41,965 million on $4,585 million revenue, and estimates the recent sector slump cut nearly $2 trillion in value.
The offering and its anchor investors
Anthropic is preparing to go public at a target valuation of up to $1.4 trillion, according to a New York Times opinion video. EL PAÍS reports that a private placement of $26 billion runs alongside the listing. Nvidia agreed to buy $10 billion of shares at a base price of $74 per share, which the prospectus describes as the midpoint of the estimated price range. At that price Nvidia would acquire 135.13 million Class N common shares, and Google would buy the same number for the same amount. AMD is set to take $2.5 billion of shares, Broadcom, Micron Technology and Microsoft would each buy $1 billion, and TSMC Partners would buy $500 million. The company's last funding round, in May, raised $65 billion at a valuation of $965 billion.
- Nvidia
- 10000 USD million
- 10000 USD million
- AMD
- 2500 USD million
- Broadcom
- 1000 USD million
- Micron Technology
- 1000 USD million
- Microsoft
- 1000 USD million
- TSMC Partners
- 500 USD million
Data from the article text
Who controls the company
Sarin says the prospectus shows control sits with two groups. Seven co-founders together hold 50.1% of the company, including CEO Dario Amodei and his sister Daniela, the company's president, while the other five founders have roughly equal shares and direct day-to-day operations. The second source of control is the Long-Term Benefit Trust, which Sarin says includes five trustees, four of whom currently hold their seats. Anthropic is organised as a public benefit corporation, a structure Sarin says is meant to act in the interests of humanity as a whole rather than purely for shareholders.
“But what worries me is that the company is asking us to place a lot of faith in them to be able to manage these very real, very scary risks.”
Sarin doubts the company can manage those risks on its own, pointing to the governance design as the core concern.
Risks in the prospectus
Nearly 100 pages of the filing set out risks Anthropic sees, and Sarin argues that some are not only commercial but could affect all of humanity. She describes them in stark terms.
“those risks are existential, and I mean really existential”
A separate New York Times essay describes the filing as unusually frank about existential risk and says it reads as part business plan and part philosophical treatise. The same essay notes that Anthropic's language about its technology is framed around solving problems that have resisted generations of human effort.
Financial strain and the Nvidia question
EL PAÍS and El Periódico both describe Jensen Huang as Nvidia's former CEO. El Periódico reports a scandal and a subsequent resignation at the chipmaker, which it says threatens tentative signs of recovery in AI stocks. It also estimates that a recent market slump wiped out nearly $2 trillion in market capitalisation across the sector. El Periódico lists Anthropic's 2025 revenue at $4,585 million against a net loss of $41,965 million, and expects losses above $80 billion in the first half of 2026. Rival OpenAI, which El Periódico says plans its listing for 2027, reported 2025 revenue of $13,070 million.
- Revenue 2025
- 4585 USD million
- Net loss 2025
- 41965 USD million
Data from the article text
EL PAÍS and El Periódico put the listing in the week of 16 November 2026, with Anthropic aiming to be the largest IPO in history.
This article is part of a thread
AI: capabilities, regulation, labour
What changed since this entry:
- 15/11Anthropic IPO includes $26bn placement, Nvidia and Google each buying about $10bn
- 15/11FT: US lawmakers push stricter China chip controls after Huang allegations
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Sources and context
- The New York TimesOpinion | The Flaw at the Heart of Anthropic's I.P.O.
- The New York TimesA Human Reads the Anthropic I.P.O. Filing
- El PeriódicoThe end of the bubble? This is what the figures for large AI companies look like¿El fin de la burbuja? Así están las cifras de las grandes empresas de la IA · original in Spanish
- EL PAÍSNvidia drove Anthropic's IPO with a 10 billion injection in Huang's last operationNvidia tiró de la salida a Bolsa de Anthropic con una inyección de 10.000 millones en la última operación de Huang · original in Spanish
- Dario Amodei
- Anthropic CEO and co-founder
- Daniela Amodei
- Anthropic president and co-founder, sister of Dario Amodei
- Jensen Huang
- Nvidia CEO, described by EL PAÍS and El Periódico as the company's former CEO
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