Orders for Anthropic’s planned initial public offering amount to several times the shares available, Bloomberg reported, citing people familiar with the matter. Investor interest is building ahead of what could become the largest stock market listing in history.
The report said large indications of interest from prospective investors have driven demand.
The figures have not been made public, and the final offering terms could still change.
The developer of the Claude chatbot and its co-founders are seeking to raise as much as $90.4 billion through the IPO and a separate private placement, according to regulatory filings.
The combined transactions would surpass the $75 billion raised by SpaceX in June, potentially making Anthropic’s listing the largest ever.
Anthropic IPO draws strong investor demand
Anthropic is targeting a fully diluted valuation of about $1.4 trillion in the offering.
That is below the valuation some investors had expected. Companies sometimes set initial IPO terms conservatively to spur demand and leave room to raise the price in the final offering.
Bloomberg reported that some existing investors are already offering parts of their IPO allocations to other prospective buyers.
These arrangements could bring in additional fees for those investors while reducing their exposure to potential trading volatility after the listing.
Other investors with pre-IPO stakes are marketing their holdings to buyers through special purpose vehicles.
Goldman Sachs and Morgan Stanley are leading the IPO, with 20 other banks participating, according to the filing.
Anthropic’s shares are expected to trade on the Nasdaq Global Select Market under the ticker ANT.
The company is also holding events to attract prospective investors.
The report said these include a livestreamed discussion on Friday with Chief Executive Officer Dario Amodei and JPMorgan Chase CEO Jamie Dimon.
Revenue growth and computing commitments
Anthropic’s rapid revenue growth has been central to its investment case.
According to its IPO filing, the company’s annualised revenue run rate was about $81 billion as of October 31, up around $10 billion from the end of September.
The company was last valued at $965 billion in a private funding round in May.
Founded in 2021, Anthropic has built its business around its Claude family of artificial intelligence models.
However, the company’s growth also requires substantial computing capacity.
Anthropic has nearly $900 billion in computing commitments with partners, including Amazon and Alphabet’s Google.
These commitments underscore Anthropic’s reliance on external infrastructure providers and financing arrangements to obtain the computing resources needed to support its expansion.
Private placement could bring total fundraising to $90.4 billion
Alongside its public offering, Anthropic plans to raise $26 billion in a separate private placement involving major technology companies.
Alphabet, Nvidia and Advanced Micro Devices are among the cornerstone investors. Other participants include Broadcom, Micron Technology, Microsoft and Taiwan Semiconductor Manufacturing Company.
Together with the IPO, the transactions could raise as much as $90.4 billion.
Certain Anthropic board members and related entities are also expected to buy up to $303 million worth of shares.
The planned fundraising’s scale makes the listing a major test of investor appetite for artificial intelligence companies. Anthropic’s valuation and share demand will also indicate how public-market investors view the industry’s growth prospects and substantial infrastructure needs.
Retail investors hoping to buy the company’s shares will have to wait until it is officially listed on the Nasdaq.
Prospective investors can consult our in-depth guide for more on investing in Anthropic and buying its shares before the IPO.
AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.
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