Anthropic’s record-breaking $90 billion IPO is already oversubscribed several times over

Days after launching its investor roadshow, artificial intelligence powerhouse Anthropic has seen orders for its initial public offering surpass available shares multiple times over, putting the company on track for the largest market debut in history.

Anchor-sized commitments from major institutional funds have rapidly filled the order book, defying last week’s broader pullback in artificial intelligence equities. According to reports from Bloomberg and the Financial Times, the wave of demand has led underwriters to weigh pushing Anthropic’s target valuation beyond $1.5 trillion — a steep climb from the $1.1 trillion figure floated just days ago.

The San Francisco-based creator of the Claude kicked off its IPO roadshow on November 10, offering 825 million Class A shares priced between $70 and $78 each. Roughly 801 million shares are being issued by the company, with existing shareholders offloading the remaining 24 million. Pricing at the ceiling of that range would generate $64.35 billion in gross proceeds and peg Anthropic’s fully diluted market value near $1.4 trillion.

Bolstering the public offering is a simultaneous $26 billion private placement of Class N common stock at the IPO price. Semiconductor and cloud heavyweights — including Nvidia, Google, Microsoft, Advanced Micro Devices, Broadcom, Micron, and Taiwan Semiconductor Manufacturing Company (TSMC) — are expected to join the buying spree. Together, the dual transactions are poised to raise over $90 billion, eclipsing the $86 billion record set by SpaceX in June.

Investor enthusiasm tracks closely with Anthropic’s explosive commercial scale. Financial disclosures reveal the company brought in $33.2 billion in revenue across the first nine months of 2026, compared to $2.5 billion over the same period last year, pushing its annualised revenue run rate to $81 billion by October's close. Heavy spending on compute infrastructure and model training, however, left the firm with a $567 million operating loss in the third quarter.

A 22-bank underwriting syndicate led by Goldman Sachs and Morgan Stanley is managing the sale. To maintain momentum, Anthropic CEO Dario Amodei will appear alongside JPMorgan Chase CEO Jamie Dimon for a live-streamed conversation on Friday.

Final pricing will be disclosed on November 18, with shares scheduled to begin trading on the Nasdaq Global Select Market on November 19 under the ticker symbol ANT.