Anthropic files a second amended IPO registration, and an exhibit commits Google to buy US$10 billion of Anthropic stock at the offering price

Concept illustration: on the left, a building with a sign lettered "ANTHROPIC" has double glass doors lettered "IPO", with a brown ribbon tied in a bow across the door handles; in the middle, a person in a long black coat stands with one hand in a pocket and the other resting on a large heap of red banknote bundles with white bands on the right, head turned back toward the building. A white sign showing a multicoloured G and the lettering "GOOGLE" leans against the front of the heap. Printed on the image: US$10B Google to buy Anthropic stock at offering price.

Anthropic filed its second S-1/A, an amended version of its initial public offering registration, with the US Securities and Exchange Commission on November 10 (SEC EDGAR, 2026-11-10). Our inference: Google already sells TPU compute to Anthropic and has committed to buy US$10 billion of its stock at the IPO, so after listing Anthropic's compute supplier would also be one of its shareholders. Anyone assessing Anthropic has to weigh those two relationships together.

The numbers in this filing can still change, because it is a pre-IPO amendment. During review the SEC can ask a company to revise or add disclosure, and companies usually file further amendments (SEC). A registration has to be declared effective by the SEC before any shares can be sold (SEC).

Google's US$10 billion commitment comes from exhibit EX-10.15. That exhibit is a Class N common stock subscription agreement Anthropic and Google signed on November 10. Class N is a share class Anthropic created for strategic investors to buy at the IPO. The share count is US$10 billion divided by the IPO price, and the purchase settles immediately after listing (EX-10.15). A second agreement of the same type, EX-10.16, leaves the investor and the amount blank. The blank agreement terminates automatically if Anthropic and its underwriters haven't signed an underwriting agreement by January 31, 2027 (EX-10.16). Google is also one of Anthropic's TPU suppliers. Anthropic's registration made public on October 26 states that Anthropic has committed to buy compute delivered from 2028 to 2031 from TPU suppliers including Google (SecondSource cited this page on November 2).

The fee table registers a maximum offering of about US$74 billion in total and uses US$78 per share as the ceiling for calculating the registration fee (fee table). That US$78 is not the IPO price or a price range. The price range, revenue and losses are in the main document.

Not proven yet: US$78 is only a fee-calculation ceiling, not the IPO price How we checked →

Next to watch: the IPO price written into the final prospectus after pricing, and the number of shares Google actually buys after listing. If Google's subscription is cancelled before the IPO, Google won't become both supplier and shareholder.

Source and checks

This item ran in the brief of Nov 10, 2026, alongside 12 other items. How we checked it, the quote checks and what was still missing that day are on that issue's How we checked page.

Cite this item

SecondSource (2026). "Anthropic files a second amended IPO registration, and an exhibit commits Google to buy US$10 billion of Anthropic stock at the offering price." https://secondsource.io/en/news/2026-11-10-2/. Accessed access date.