Anthropic’s IPO 6 Times Oversubscribed as Orders Outrun Shares
Orders for Anthropic's initial public offering have reached about six times the shares available, with existing investors getting priority. The Claude maker aims to raise up to $64.4 billion in the offering and $26 billion in a private placement, targeting a $1.4 trillion valuation.
Anthropic's IPO is about 6 times oversubscribed, with investor orders reaching roughly six times the number of shares on offer, according to reports published November 13, 2026. The maker of the Claude artificial intelligence models plans to list on the Nasdaq Global Select Market under the ticker ANT.
Underwriters have told prospective buyers that Anthropic intends to favor its current backers when it hands out stock. Many new investors will likely receive smaller allocations than they asked for.
A record-sized raise
Regulatory filings show Anthropic and its co-founders plan to raise as much as $64.4 billion through the public offering. A concurrent private placement would add $26 billion.
Together, the $90.4 billion would exceed SpaceX's market debut and become the largest initial stock sale on record. Anthropic is aiming for a fully diluted valuation of roughly $1.4 trillion, which is below some earlier market projections.
Goldman Sachs Group Inc. and Morgan Stanley are the lead underwriters. A syndicate of 20 additional financial institutions supports them.
Revenue growth in the filings
Anthropic reported an annualized revenue run rate of $81 billion as of October 31. A run rate projects current revenue over a full year.
That compares with $71 billion at the end of September and $65 billion at the close of July.
Secondary trading before the debut
Some institutional investors are already selling parts of their expected allocations to other buyers. They are managing their exposure and collecting early fees before trading begins.
Holders of pre-IPO equity are also packaging their stakes in special purpose vehicles and marketing them to outside investors.
The offering is being watched as a gauge for the wider AI sector, which has faced investor doubt over heavy capital spending and shrinking cash reserves.
Nvidia turbulence
Demand for Anthropic comes as chipmaker Nvidia Corp. struggles. Investors have recently pulled back after the ouster of CEO Jensen Huang over reports of personal misconduct.
Nvidia remains closely tied to Anthropic. It has committed tens of billions of dollars in chip supply agreements and pledged to buy roughly $10 billion of Anthropic stock through a private placement.
To keep momentum going, Anthropic is hosting promotional events for potential backers. They include a livestream on Friday with Chief Executive Officer Dario Amodei and JPMorgan Chase & Co. CEO Jamie Dimon.
