TLDR
- Anthropic’s IPO has drawn about six times the orders for the shares on offer.
- The company wants to raise up to $64.4 billion, plus $26 billion in a private placement.
- The price range is $70 to $78 per share, valuing the firm at up to $1.4 trillion.
- Revenue run rate hit $81 billion as of Oct. 31, but the firm lost $80.7 billion through June.
- Trading is expected to start on Nov. 19 on the Nasdaq under the symbol ANT.
Anthropic’s initial public offering has drawn about six times the orders for the shares available. People familiar with the matter shared the figure. The details could still change before trading begins.
ANTHROPIC IPO IS 6 TIMES OVERSUBSCRIBED AS VALUATION TARGETS $1.4 TRILLION
Anthropic’s ($ANT) IPO has attracted roughly six times more orders than available shares, according to Bloomberg sources.
The Claude AI developer is seeking $64.4 billion through its IPO, plus a $26…
— *Walter Bloomberg (@DeItaone) November 12, 2026
Bankers have told prospective investors that existing backers will get priority. Some new buyers will receive smaller allocations than they expect. Some investors are also offering part of their allocation to others to reduce their own risk.
How the Offering Is Structured
The company and its co-founders are seeking to raise up to $64.4 billion in the IPO. They also want $26 billion in a private placement. Combined, the sales would exceed SpaceX’s June listing and set a record.
An amended filing set the price range at $70 to $78 per share. That values Anthropic at about $1.3 trillion at the midpoint and $1.4 trillion at the top. It would be the largest technology stock market debut on record.
Nvidia has agreed to buy about $10 billion of shares in the private placement. Anthropic counts the chipmaker as a strategic partner. It has also committed tens of billions of dollars to secure access to Nvidia’s chips.
Goldman Sachs and Morgan Stanley are leading the deal, with 20 other banks taking part. A listing notice schedules the debut for Nov. 19. The company has not yet finalized the date in its filings.
To build demand, Anthropic is holding events for investors. One is a live-streamed talk on Friday with CEO Dario Amodei and JPMorgan Chase CEO Jamie Dimon.
Revenue, Losses and Spending
Anthropic reported a revenue run rate of $81 billion as of Oct. 31. That is up $10 billion from the end of September. The company counts consumption fees over a trailing 28 days and subscription fees for a single month.
Revenue in the first six months of 2026 was more than three and a half times the total for all of 2025. About 20 percent came from two unnamed customers.
The company posted a net loss of $80.7 billion through June. It said most of that came from non-cash accounting charges. It lost $42 billion in 2025.
Anthropic does not own data centers. It rents computing power from cloud providers under long contracts. Filings show nearly $900 billion in such deals running into the 2040s.
The company is organized as a public benefit corporation. Its board must balance public safety with shareholder returns. In the filing, 94 of more than 300 pages cover risk factors.
One risk it lists is that its models may act in unintended ways, including actions no user directed. Anthropic also faces competition from OpenAI, Google, Meta and SpaceX’s Grok.
Private investors valued Anthropic at $380 billion in February and $965 billion in late May. A $2 trillion figure was recently discussed. The $1.4 trillion target sits below what some investors expected.
The offering arrives as tech stocks recover from a sell-off earlier this month. Nvidia shares have also lost billions in value after CEO Jensen Huang was ousted over reports of affairs. SpaceX, which listed in June at $135, rose about 19 percent on day one. It later dipped as much as 22 percent below its IPO price.
