Anthropic IPO six times oversubscribed as it targets a $64.4B raise; pricing set for 18 November
What's the deal? Anthropic PBC's initial public offering has drawn roughly six times the orders for available shares, according to people familiar with the matter. The Claude AI maker is seeking to raise up to $64.4 billion in the listing, plus $26 billion in a concurrent private placement — a combined $90.4 billion that would make it the biggest first-time share sale ever, eclipsing SpaceX.
Why now? Anthropic is targeting a fully diluted valuation of about $1.4 trillion — below where some investors expected it to settle. Companies often set terms conservatively when they begin marketing an IPO, expecting strong demand to push the final figure higher and support a robust debut.
By the numbers: Anthropic's filing reported an $81 billion revenue run rate as of October 31, up $10 billion from the end of September and from $65 billion at the end of July. The company defines the metric as annualised consumption-based fees over a trailing 28-day period plus subscription fees for a single month — a self-defined snapshot, not a forecast.
Quarter by quarter: The prospectus shows how steep the climb has been. Reported revenue (not annualised) was $376 million in the first quarter of 2025, $787 million in the second, $1.4 billion in the third and $2.0 billion in the fourth, about $4.6 billion for the year. It then reached $4.7 billion, $11.6 billion and $17.0 billion in the first three quarters of 2026, for $33.2 billion over nine months, with third-quarter revenue about 12 times the same quarter a year earlier.
Existing backers will be prioritised, bankers have told prospective investors, meaning some buyers will receive smaller allocations than expected. Nvidia Corp., a strategic partner, has agreed to buy about $10 billion of shares as part of the private placement.
What could go wrong? Oversubscription does not guarantee strong trading after listing. Details, including demand, could still change, the people said.
Goldman SachsDealroom has a profile for this one. Try Dealroom → and Morgan Stanley are leading the offering, with 20 other banks participating. The stock is expected to trade on the Nasdaq Global Select Market under the symbol ANT.
When: Anthropic said on 12 November that, subject to regulatory clearance, it expects to set the final IPO price on Wednesday, 18 November, with trading starting on Thursday, 19 November (US Eastern time). Nasdaq lists 19 November as the listing date.
The signal: The sixfold demand is a major test of investor appetite for AI at unprecedented scale. Reuters noted that expected index inclusion could create substantial buying demand after the debut — an important factor in reading the stock's early performance.
Read more: Bloomberg, archive.ph, Anthropic S-1/A, Anthropic IPO site, Yahoo Finance
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