Anthropic plans to sell up to 552.9 billion yen ($3.5 billion) of shares to investors in Japan through its US public listing, compared with the $2.2 billion Japanese investors secured in SpaceX’s June IPO, Reuters reported on 2 November. The plan appeared in a filing setting out a Japan-specific allocation for the offering.
Key points
- Anthropic plans to issue up to 552.9 billion yen ($3.5 billion) of shares to Japanese investors.
- The proceeds are intended for working capital, operating expenses and capital expenditure.
- SpaceX investors in Japan secured $2.2 billion of shares from a $75 billion IPO in June.
- Anthropic’s US IPO paperwork sets out substantial commitments for computing infrastructure.
Japan proceeds earmarked for Anthropic’s costs
Anthropic intends to use the proceeds from newly issued shares sold in Japan for working capital, operating expenses and capital expenditure, Reuters reported, citing the filing. That directs the proposed proceeds to the company’s business rather than to existing shareholders selling their holdings.
The filing did not state the size or valuation of the overall IPO, Reuters reported. Some investors have discussed a valuation of about $1.5 trillion, according to earlier Reuters reporting. The proposed Japan allocation is therefore a ceiling on shares offered in that market, rather than a stated proportion of Anthropic’s full offering.
SpaceX raised $75 billion in its June IPO, with investors in Japan securing shares worth $2.2 billion. Anthropic’s proposed Japanese sale would exceed that allocation in dollar terms if it reached the stated maximum. The SpaceX figure is for shares investors secured, while Anthropic’s figure is an amount it plans to offer.
The Japan plan sits alongside other proposed channels for the sale. AI Affairs reported that Mizuho and MUFG joined Anthropic’s IPO underwriting syndicate alongside US banks. Another AI Affairs report said Anthropic was weighing a 15% to 20% retail allocation, with JPMorgan leading US sales.
Anthropic’s infrastructure commitments in IPO paperwork
Anthropic filed its registration statement with the US Securities and Exchange Commission on 26 October ahead of an expected listing, Bloomberg Tax reported. Its account of the filing puts liabilities on the balance sheet at $117.5 billion and cash at $112 billion. It also describes nearly $900 billion of future commitments for computing infrastructure, buildings and power that are not recorded as current balance-sheet debt.
Those commitments include an estimated $265.6 billion in purchase agreements as of June 2026, four times their level in December. Most concern cloud hosting and other infrastructure services, with some contracts running for as long as 20 years. Leases that had yet to begin totalled $321 billion, while additional computing arrangements, including leases and amended agreements, represented $245 billion in future spending.
Anthropic also set aside $21 billion for arrangements it described as short-term and agreed in July to spend more than $20 billion on GPUs and related hardware from AMD, Bloomberg Tax reported. The company plans to finance its investments through revenue growth and capital raising, according to the publication’s account of the IPO filing.
Some payments under Anthropic’s computing and infrastructure agreements depend on variable costs. Its filing warned that changes in GPU costs, electricity prices and fuel surcharges make the cost of certain arrangements difficult to project, Bloomberg Tax reported. Spending on capacity can also precede the point at which that capacity is operating and producing revenue, the company said in the filing.
Amazon and Google’s Anthropic financing terms
Amazon and Google are both investors in Anthropic and suppliers of computing capacity, TradingKey reported in its account of the IPO paperwork. Anthropic’s agreement with Amazon Web Services commits it to payments of at least $110 billion from May 2026 to April 2036, according to the publication.
Amazon held about $6.2 billion in principal of Anthropic convertible notes as of 30 June 2026. Under the agreement described by TradingKey, those notes can convert into non-voting shares, subject to a 12% ownership cap that Amazon may waive. Amazon also invested $10 billion in non-voting preferred shares in the second quarter of 2026.
Google has an option to buy up to $10 billion of non-voting shares at Anthropic’s IPO offer price. Exercising it would reduce a separate financing facility of up to $20 billion, TradingKey reported. Access to that facility is subject to conditions involving computing partnerships and revenue milestones, and Anthropic had drawn none of it as of 30 June 2026.
.jpg){kind=link}