Anthropic IPO About Six Times Oversubscribed, Bloomberg Reports

What happened

The new demand figure arrived on the third day of the roadshow. On Nov 10, the first day, CNBC reported, citing people familiar with the deal, that orders already covered the full price range; Bloomberg’s Nov 12 report put a more specific ratio on it: about six times. Bankers told prospective investors they will prioritise existing backers, leaving some buyers with smaller allocations than expected.

Bloomberg’s sources also said details, including the demand level, could still change before pricing on Nov 18. Anthropic could not immediately be reached for comment. The Financial Times reported on Nov 11, citing five people familiar with the matter, that underwriters are considering pricing above the $70 to $78 range, which would lift the fully diluted valuation to $1.5 trillion or more, though no revised range has been filed.

Terms unchanged

Under the filed terms, Anthropic is offering 825 million Class A shares at $70 to $78, aiming to raise up to $64.4 billion; at the $78 top of the range, the fully diluted valuation would be about $1.4 trillion. Pricing is expected on Nov 18, with trading on Nasdaq under the ticker ANT starting Nov 19.

Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC are separately buying $26 billion of non-voting Class N shares at the IPO price in a concurrent private placement. Anthropic’s IPO website, launched on Nov 12, discloses third-quarter revenue of $17.0 billion.

Key facts

1. Demand: About six times the shares available, Bloomberg reported on Nov 12, citing people familiar with the matter
2. Priority: Bankers will prioritise existing backers, leaving some buyers with smaller allocations than expected
3. Terms: 825 million Class A shares at $70 to $78, raising up to $64.4 billion; up to about $1.4 trillion fully diluted at the top of the range
4. Dates: Pricing expected Nov 18; trading on Nasdaq as ANT starting Nov 19
5. Placement: Seven companies are separately buying $26 billion of non-voting Class N shares at the IPO price
6. Caveat: The report is based on people familiar with the matter; Anthropic did not immediately comment, and demand could still change before pricing