Anthropic IPO Draws Orders for Six Times the Shares on Offer by Third Roadshow Day

The comparison bankers are watching is SpaceX. Its listing was about two times oversubscribed after two days of its roadshow, according to the same report. The sources cautioned that demand and other terms could still change. Anthropic declined to comment.

The terms are large by any standard. Anthropic's updated filing of November 10 offers 825 million Class A shares at $70 to $78 each, the Associated Press reported. About 801.4 million are new shares and about 23.6 million come from existing holders. At the range, gross proceeds would be $57.75 billion to $64.35 billion. Underwriters have a 30-day option on up to 123.75 million more shares.

A further $26 billion is being raised outside the public offering. Seven companies, including Nvidia, Microsoft, Google, TSMC, Broadcom, AMD and Micron, plan to buy non-voting Class N stock at the IPO price. Bloomberg put the combined total at up to $90.4 billion, which would exceed SpaceX's planned IPO, and the fully diluted valuation at about $1.4 trillion. Estimates of the implied value vary with how shares are counted.

The stock is set to list on the Nasdaq Global Select Market under the ticker ANT. Goldman Sachs and Morgan Stanley lead the deal, with 20 other banks taking part.

The Revenue Case

Banks are valuing the company on projected 2028 revenue of about $270 billion to $280 billion, Reuters reported. Sell-side forecasts put 2026 revenue at about $52 billion to $53 billion and 2027 at $135 billion to $137 billion.

Buyers are more bullish on the near term. One investor who placed an order said buy-side projections for 2026 and 2027 run 10% to 15% above the sell-side numbers. Another investor, who did due diligence but did not put in an order, has a 2028 outlook about 30% below the sell-side estimate. Benchmarks used in the marketing include SpaceX and CrowdStrike.

Questions in the Room

Roadshow meetings were held in New York, Boston and San Francisco. Investors pressed on whether Anthropic can hold its lead as Alphabet's Google catches up in advanced models, and whether Claude can extend its position among knowledge workers beyond coding, according to Reuters.

One investor who attended a meeting said the company did not give detailed answers to some questions. At one group session there was no conference call line for investor questions, and Goldman Sachs and Morgan Stanley largely read from prepared remarks, Reuters reported, calling that a departure from standard practice. Morgan Stanley declined to comment and Goldman Sachs did not respond.

The demand figures land in a difficult week for AI stocks. Nvidia has lost hundreds of billions of dollars in market value since Jensen Huang resigned as chief executive, and OpenAI's latest funding round closed at $15 billion, half its original target, at a $1.25 trillion valuation. Kraken has also opened requests for tokenised exposure to the Anthropic offering for non-US customers.

The roadshow runs until Wednesday, November 18, and pricing is expected at its close. IPOs can price above, within or below the filed range depending on how the book develops.