Anthropic gives Google an option to buy up to $10 billion in Class N stock

The Claude maker's S-1 filing shows Alphabet can swap part of an undrawn $20 billion debt facility for non-voting equity at the IPO price Anthropic has granted Alphabet the option to buy up to $10 billion of its Class N common stock. The disclosure appears in the AI startup’s Form S-1, filed with the SEC on October 26, 2026. That filing is the paperwork companies submit before going public. Anthropic’s offering is potentially slated for November. How the Class N option works Under the arrangement, Alphabet can purchase the shares at the IPO offering price through a private placement. A private placement means the stock is sold directly to a buyer rather than through the public order book. The catch sits in the share class itself. According to the filing, Class N shares carry no voting rights until they are sold to unaffiliated parties. Put simply, Google can own a large economic slice of Anthropic without getting a say in how the company is run. If Alphabet later sells those shares to someone outside its corporate family, the votes switch on for the new owner. The $30 billion backdrop The option does not appear out of nowhere. It is tied to a broader $30 billion deal between Anthro...