Anthropic IPO draws orders several times oversubscribed ahead of $90 billion float

Securing close to $90 billion demands substantial capital, and some fund managers may reduce holdings in existing megacap technology stocks to free up funds, potentially pressuring the Nasdaq as the pricing date nears. The substantial oversubscription signals a positive outlook for AI infrastructure equities, particularly the seven firms involved in the placement, as it demonstrates sustained public demand for direct AI investments. A robust debut would likely bolster the broader IPO pipeline, including OpenAI, which is said to be targeting 2027. Conversely, a weak opening could dampen sentiment across AI-related stocks.

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• US stocks rally as AI shares rebound
• Anthropic reserves up to 20% of its $64 billion IPO for retail investors

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Anthropic enters its market debut with demand outstripping supply, though the record $90 billion figure depends on pricing at the upper end of the range.

• Bloomberg reported, citing unnamed sources, that Anthropic’s IPO is already oversubscribed multiple times, driven by anchor-sized indications of interest
• Shares are marketed at $70 to $78 each, suggesting a valuation of roughly $1.4 trillion, with trading anticipated to begin next Thursday
• The company is offering about 801 million Class A shares, while existing investors are selling roughly 24 million additional shares
• AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC have committed to purchasing $26 billion of Class N stock in a private placement
• The combined target of approximately $90 billion would surpass SpaceX’s June record of about $86 billion, including its over-allotment
• CEO Dario Amodei is scheduled to host a live-streamed event with JPMorgan Chase CEO Jamie Dimon on Friday

Anthropic’s initial public offering has already been covered multiple times over, Bloomberg reported, citing sources familiar with the matter. This positions the Claude developer for what could become the largest stock market debut on record when trading begins next Thursday. The listing would make Anthropic the first significant standalone frontier AI lab to go public.

According to the report, demand has been fueled by indications of interest large enough to anchor the transaction. In essence, individual investors are placing orders substantial enough to underpin the entire book.

A Tuesday filing with the US Securities and Exchange Commission set the price range at $70 to $78 per share, which would value the company at roughly $1.4 trillion. Anthropic is offering approximately 801 million Class A shares, and existing investors plan to sell about 24 million more. Separately, Advanced Micro Devices, Broadcom, Google, Micron Technology, Microsoft, Nvidia and TSMC have committed to purchasing a combined $26 billion of Class N common stock through a private placement.

Together, the IPO and placement aim for roughly $90 billion. That would surpass SpaceX’s June debut, which raised $75 billion in its base offering and about $86 billion once its over-allotment option was exercised. However, based on the filing’s numbers, the $90 billion total assumes pricing at the top of the range. It also includes shares sold by existing holders, with that money going to them rather than the company. At the lower end of the range, the combined total would be closer to $84 billion, falling short of SpaceX’s full raise.

The valuation also marks a sharp increase from the private market. In June, Anthropic raised $65 billion at a $965 billion valuation, a round investors described as heavily oversubscribed, before filing confidentially for its listing. A $1.4 trillion valuation would be roughly 45% above that level.

To maintain momentum, chief executive Dario Amodei will hold a live-streamed event with JPMorgan Chase CEO Jamie Dimon on Friday, the report said.

Final pricing will provide the first real test of what public investors will pay for a frontier AI developer itself, rather than just the chipmakers and cloud providers that supply it. Seven of those suppliers are now also shareholders through the placement, which aligns their fortunes more closely with Anthropic’s. Whether the deal prices at the top of the range or expands further will indicate how much of the private-market enthusiasm translates to the public market.