Anthropic Files Updated IPO Terms; Seven Tech Firms to Subscribe $26B

The anchor commitment from seven chip and cloud heavyweights is the structurally important part: it converts a large primary offering into something closer to a pre-arranged allocation, with strategic suppliers and customers taking non-voting Class N stock at the final price. That alignment cuts both ways — it signals deep commercial interdependence, but it also concentrates the register and ties Anthropic's cap table to the fortunes of the very vendors it depends on. Whether the $70–$78 range holds through pricing, and how much of the book comes from buyers outside that strategic bloc, is the open question.