Anthropic’s long-awaited filing on Monday offered investors a fresh glimpse into the fortunes at stake for some of the biggest names in tech and finance ahead of the artificial intelligence startup’s stock market debut.
The new filing details a financing agreement with Alphabet, Google’s parent company (GOOG, GOOGL), that could provide Anthropic with up to $20 billion in additional funding.
The arrangement could be reduced by as much as $10 billion if Google exercises an option to purchase nonvoting Anthropic stock in a private placement alongside the IPO, at the offering price.
Google’s financing agreement carries a 14.99% ownership cap, which the company can waive. No funds had been drawn under the arrangement as of June 30, according to the filing.
Amazon (AMZN), one of Anthropic’s other biggest backers, holds approximately $6.2 billion in outstanding convertible notes that could become roughly 1.84 billion nonvoting shares when the AI startup completes its IPO, according to the filing.