Anthropic IPO Six Times Oversubscribed: $64.4 Billion Raise Set to Be the Largest IPO in History

Anthropic IPO demand is off the charts. Bloomberg reported on Thursday, November 12, 2026 that Anthropic's initial public offering has drawn about six times the orders for the shares available — a book so deep that bankers are telling prospective investors the company will prioritise its existing backers, leaving some would-be buyers with smaller allocations than they asked for. At up to $64.4 billion, the listing would be the largest first-time share sale in history, and a defining test of Wall Street's confidence in the AI boom.

Anthropic IPO Demand: Six Times Oversubscribed

The order book filled fast. CNBC reported that the book was already covered across the $70 to $78 range on the first day of the roadshow, which began on Tuesday, November 10, with institutional demand stronger than SpaceX's at the same stage of its own listing process. Bloomberg's Thursday report put the figure at about six times the 825 million shares on offer — though the report stressed that the details, including demand, could still change, and an order book is a snapshot of one moment, not a final allocation. Bankers have told investors that Anthropic will favour its existing backers, so new investors chasing the deal should expect smaller allocations than they requested. The Financial Times separately reported that underwriters are considering pricing the deal above the filed $70 to $78 range, which would lift the valuation past $1.5 trillion on a fully diluted basis. That is a press report, not a filing: the filed terms have not changed.

The Biggest IPO in History: $64.4 Billion at a $1.4 Trillion Valuation

The filed numbers are already historic. Anthropic and some of its existing shareholders are selling 825 million shares at $70 to $78 each, raising $57.75 billion at the bottom of the range and $64.35 billion at the top. That would more than double the current record for a first-time share sale — Saudi Aramco's $29.4 billion listing in 2019. The valuation depends on how you count the shares: on the 13.09 billion shares that will be outstanding after the offering, the range implies roughly $916 billion to $1.02 trillion; on a fully diluted basis, counting options and unvested stock awards, it is about $1.26 trillion to $1.41 trillion. Alongside the IPO, seven companies have agreed to buy $26 billion of stock at the IPO price in a private placement — Google and Nvidia at $10 billion each, AMD at $2.5 billion, and Broadcom, Micron and Microsoft at $1 billion each, plus TSMC at $500 million — taking total fundraising to as much as $90.4 billion. Up to 20% of the deal is set aside for individual investors, and the underwriters hold an option for 123.75 million more shares, which would take the raise past $74 billion at the top of the range.

• 825 million shares at $70 to $78 each — up to $64.4 billion raised.
• About six times oversubscribed, Bloomberg reported on November 12, 2026.
• Valuation up to about $1.4 trillion fully diluted; about $1.02 trillion on shares outstanding.
• $26 billion private placement from Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC.
• Pricing expected November 18; trading expected November 19 on the Nasdaq as ANT.

Anthropic IPO Dates: Pricing November 18, Trading November 19

The timetable is now set, at least as reported: Anthropic is expected to price the offering on Wednesday, November 18, and begin trading on the Nasdaq on Thursday, November 19, under the ticker symbol "ANT". Before that, the company is holding an investor livestream on Friday, November 13, featuring chief executive Dario Amodei and JPMorgan Chase chief executive Jamie Dimon. The roadshow launched on Tuesday, November 10, when Anthropic filed the amended S-1 that set the price range, the share count and the lock-up terms. The dates are expectations reported by CNBC, not dates in the filing itself, and the timetable can still shift — but the market is now working to them.

Why Investors Are Chasing Anthropic

The demand is not just about the numbers. Anthropic, founded in 2021 by Dario Amodei, his sister Daniela and five other former senior OpenAI staff, makes the Claude chatbot, and it has had a furious fortnight: the Claude Fable 5.2 flagship model launched on November 9, and on November 10 the company turned Claude into an office suite with Sheets, Whiteboards, Meetings and Data. The filing shows a business growing fast — run-rate revenue of about $81 billion at October 31, up $10 billion in a single month — but also spending hard: about $900 billion of compute commitments through 2045, cash of about $132 billion expected to rise to around $210 billion after the IPO, and a third-quarter operating loss of $567 million after a $974 million profit the quarter before. Anthropic is the second mega-AI listing of the year after SpaceX's June IPO, and Reuters called the deal a key test of Wall Street's confidence in the artificial intelligence boom. The six-times book says the market, for now, believes.