Investor demand for Anthropic's shares ahead of its Nasdaq debut has outstripped supply several times over, Bloomberg reported on November 11. Large anchor orders from institutional investors drove the oversubscription, the agency said.
Anthropic is aiming to raise about $90 billion combined from the initial public offering and a related private placement. That would top SpaceX's $86 billion listing from June 2026.
The IPO will offer about 825 million shares at $70 to $78 each: 801 million new Class A shares from the company itself, plus roughly 24 million more from existing shareholders.
Separately, seven companies have agreed to buy $26 billion of Class N stock at the same price: AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC. The commitment appears in an amended S-1 filing Anthropic submitted to the SEC on November 10.
That range implies a valuation of up to $1.4 trillion. Given the surge in demand, bankers are now weighing raising that to $1.5 trillion, the same outlet reported.
Anthropic raised $65 billion at a $965 billion valuation in its 2024 private funding round. The new price range marks roughly a 45% increase over that figure.
Final pricing is due on November 18, with Nasdaq trading under the ticker ANT set to start the next day, November 19.
The listing would mark the first time a leading AI lab that is not part of a larger company has sold shares to the public.
