Anthropic Granted Google an Option to Purchase Class N Shares for $10 Billion

Anthropic has granted Alphabet an option to purchase up to $10 billion of its Class N common stock, as stated in the S-1 form filed by the Claude developer with the SEC on October 26, 2026. This is a document companies file before going public; Anthropic's offering is potentially scheduled for November.

How the option works

Alphabet can buy the shares at the IPO price through a private placement: the shares are sold directly to the buyer, not through a public order book. The peculiarity lies in the class of shares: according to the document, Class N does not grant voting rights until the shares are sold to unaffiliated parties. Simply put, Google can own a large economic stake in Anthropic without gaining influence over the company's management. If Alphabet later sells these shares to someone outside its corporate group, the voting rights will transfer to the new owner.

The $30 billion deal

The option is tied to a broader $30 billion agreement between Anthropic and Alphabet, concluded in March 2026. Part of the package included an agreement to purchase $20 billion in debt obligations – this credit line is active until December 31, 2030. As of June 30, 2026, Anthropic has not drawn anything from it.

Any amount Alphabet directs towards purchasing Class N shares will proportionally reduce the undrawn $20 billion credit line. If Google exercises the option for the entire $10 billion, the remaining part of the line will decrease by the same amount: the total amount of obligations will not increase but will change form – from potential debt to potential equity.

Ownership after the offering

Google is not the only tech giant with a significant stake. According to the S-1, both Amazon and Alphabet are expected to own more than 5% of Anthropic's capital after the IPO. Both companies have restrictions: Amazon at 14.99%, Alphabet at 12%. In the summary describing the document, the structure of Class N is characterized as a way to attract substantial capital while retaining control with the founding team.

What this means

If Alphabet exercises the option, there will be significant demand for shares at the offering price even before the first public trades. But the option is not an obligation: the document grants the right to purchase up to $10 billion, not the requirement to do so. The portion of the credit line that remains after the IPO will be available until the end of 2030 – providing a financial cushion well beyond Anthropic's early years as a public company.