Anthropic’s IPO Draws About Six Times the Orders on Offer, With Existing Backers First in Line

SAN FRANCISCO – Anthropic’s initial public offering has drawn about six times the orders for the shares available, Bloomberg News reported on Thursday, 12 November, citing people familiar with the matter, as the Claude developer heads toward what could be the largest listing on record.

Bankers have told prospective investors that Anthropic will prioritise its existing backers, so some would-be buyers will get smaller allocations than they expected, the people said. Details, including the level of demand, could still change. Anthropic did not immediately respond to requests for comment, Bloomberg and CNA reported.

The size of the deal

Anthropic and some existing shareholders are aiming to raise up to $64.4 billion by selling 825 million shares at $70 to $78 each, a range that would value the company at up to about $1.4 trillion. Separately, AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC have committed to buy $26 billion of non-voting Class N shares in a private placement, with Nvidia taking about $10 billion, according to the company’s filings.

Together, the IPO and placement would top SpaceX’s June listing, which raised about $86 billion including its over-allotment, investingLive noted. That comparison assumes pricing at the top of the range and counts shares sold by existing holders, whose proceeds go to them rather than the company. At the bottom of the range, the combined total would be closer to $84 billion.

When Anthropic set its price range on 10 November, each of its seven co-founders planned to sell about $250 million of stock at the midpoint.

Demand versus valuation

The range sits below where some investors had expected the company to be valued. Companies often set terms conservatively at the start of marketing, expecting strong demand to push the final price higher. The Financial Times reported earlier in the week that bankers were preparing to lift the valuation to $1.5 trillion or more, according to The Next Web.

Anthropic’s filing reported an annualised revenue run rate of $81 billion as of 31 October, up from $65 billion at the end of July. The company defines that metric itself, based on a trailing 28-day period, and it is not a forecast.

Strong books do not guarantee a strong debut. Some early investors are already reselling allocations or pre-IPO stakes, Bloomberg reported.

What to watch

Pricing is planned for 18 November, and shares are expected to begin trading on the Nasdaq Global Select Market under the symbol “ANT” the next day. Goldman Sachs and Morgan Stanley lead the offering. Chief executive Dario Amodei is due to appear at a livestreamed investor event with JPMorgan Chase chief executive Jamie Dimon on 13 November.

The deal comes in a turbulent week for AI stocks. Nvidia, one of the placement buyers, saw Jensen Huang resign as chief executive and reports earnings on 17 November.

Sources

• CNA: Anthropic’s IPO is about six times oversubscribed, Bloomberg News reports, 12 November 2026
• The Straits Times (Bloomberg): Anthropic IPO oversubscribed six times amid AI demand, 13 November 2026
• Dealroom: Anthropic IPO six times oversubscribed as it targets $64.4B raise, 12 November 2026
• investingLive: Anthropic IPO oversubscribed several times ahead of record $90 billion listing
• The Next Web: Anthropic’s IPO is reportedly oversubscribed as founders sell $1.75bn