Anthropic's initial public offering is about six times oversubscribed, with orders far exceeding the 825 million shares on offer as the Claude developer heads into the final days of its roadshow. Orders reached roughly two times the available shares by the end of the first roadshow day and six times by the end of Thursday, according to people familiar with the deal.
Anthropic is offering 825 million Class A shares at an expected $70 to $78 each, which would raise up to about $64.4 billion at the top of the range and value the company at up to $1.4 trillion. Of those shares, 801,351,354 are being sold by Anthropic and 23,648,646 by existing stockholders, and underwriters have a 30-day option on up to 123.75 million more.
The roadshow launched November 10, with meetings in New York, Boston and San Francisco, and runs through Wednesday, November 18, when the offering is expected to price. Anthropic shares are expected to begin trading on the Nasdaq Global Select Market on November 19 under the ticker ANT, with Goldman Sachs and Morgan Stanley on the deal.
Key facts
- 01Anthropic's IPO order book reached about six times the 825 million Class A shares on offer by the end of Thursday.
- 02Shares are expected to price between $70 and $78, raising up to about $64.4 billion at a valuation of up to $1.4 trillion.
- 03Pricing is expected November 18, with trading on the Nasdaq Global Select Market under ticker ANT from November 19.
- 04Banks are anchoring valuation on projected 2028 revenue of about $270 billion to $280 billion.
- 05Sell-side analysts project 2026 revenue of $52 billion to $53 billion and 2027 revenue of $135 billion to $137 billion.
Bankers have told investors that Anthropic will prioritize existing backers, leaving some buyers with smaller allocations than they expected. The $1.4 trillion valuation ceiling sits slightly below some investor expectations, and demand figures could still change before pricing.
Single-digit oversubscription is modest by the standards of hot IPOs, but bankers described the demand as strong for a deal of this size. For comparison, SpaceX's IPO was about two times oversubscribed by the end of its second roadshow day.
The valuation case rests on revenue several years out. Banks are using projected 2028 revenue of about $270 billion to $280 billion and applying enterprise-value-to-revenue multiples, with SpaceX and CrowdStrike as benchmarks.
Sell-side analysts project Anthropic revenue of about $52 billion to $53 billion in 2026 and $135 billion to $137 billion in 2027. Buy-side projections run 10% to 15% higher for both years, according to one investor who placed an order.
Not every investor accepts those numbers. One investor who did diligence on the deal but did not place an order estimated 2028 revenue roughly 30% below sell-side forecasts. Some participants also complained that one group meeting offered no dial-in line and that bank representatives largely read prepared remarks.
Anthropic declined to comment on the demand. Morgan Stanley also declined to comment, and Goldman Sachs did not immediately respond. The company's registration statement with the SEC had been filed but was not yet effective when Anthropic announced the offering terms on November 10.
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