Anthropic IPO six times oversubscribed, Bloomberg says

Investors have placed orders for about six times the shares available in Anthropic's initial public offering, Bloomberg reported on Thursday, citing people familiar with the matter. The deal could become the largest first-time share sale ever. Earlier reports this week had described the book only as covered multiple times, so the new figure shows demand still rising (Investing.com via Yahoo Finance).bloomberg.com+1

Strong demand is already affecting who gets shares. Bankers told prospective investors that Anthropic will give priority to its existing backers, so some would-be buyers may receive smaller allocations than they expected, Reuters reported, citing the Bloomberg story. Anthropic could not immediately be reached for comment, and the details of the offering, including demand, could still change.newsobserver.com

Terms of the deal

The Claude developer and some existing shareholders plan to raise up to $64.4 billion by selling 825 million shares at $70 to $78 each. Trading is expected to begin on the Nasdaq ↘ 0.94% on November 19 under the symbol "ANT" (Reuters). Most of the shares are new: the company is issuing roughly 801 million, and existing holders are selling about 24 million. Anthropic receives no proceeds from the shares existing holders sell (Yahoo Finance). Final pricing is expected on November 18 (Business Today).businesstoday.in+2

Anthropic is also selling $26 billion of stock in a private placement at the same time as the IPO. Nvidia ↘ 4.34% has agreed to buy about $10 billion of those shares, according to filings. Together, the two sales would raise $90.4 billion, more than SpaceX's offering earlier this year (Yahoo Finance).finance.yahoo.com

Valuation and pricing

The company is aiming for a fully diluted valuation of about $1.4 trillion. Bloomberg reported that this is below where some investors had expected it to settle, and strong demand could leave room to raise the final price (Yahoo Finance). Earlier this week, the Financial Times reported that bankers expected to price the shares above the marketed range. Bloomberg reported that some investors expecting large allocations were already reselling portions to other buyers at a 3% to 5% premium (Capital Brief). Morningstar ↘ 1.03% rated the stock undervalued, with a fair value of $92 per share (Capital Brief).capitalbrief.com+1

Roadshow continues

Anthropic began its roadshow on November 10. Its filings show $33.2 billion in revenue for the first nine months of 2026, up from $2.5 billion a year earlier, and an annualized revenue run rate of $81 billion at the end of October (Business Today). Chief Executive Dario Amodei and JPMorgan Chase ↘ 0.17% CEO Jamie Dimon are scheduled to appear at a livestreamed investor event on Friday, November 13 (Mobile World Live).mobileworldlive.com+1