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StocksMediumUpdated×2•Originally published 11 November 2026•Updated 11 November 2026•
4 min read

Anthropic IPO Orders Exceed Shares on Offer Several Times as Company Targets $90.4 Billion Proceeds

Key Facts

1Investor orders for Anthropic shares on offer exceeded the number of shares available several times, Bloomberg reported on November 11, 2026.
2The company is seeking to raise as much as $90.4 billion through the offering and concurrent private placement.
3Anthropic generated $33.2 billion in revenue in the nine months ended September 30, 2026, compared with $2.5 billion a year earlier.
4Purchase and lease commitments totaled about $900.9 billion, including $70.7 billion due in the 12 months following September 30, 2026.

Investor orders for Anthropic shares in its public offering have exceeded the number of shares available several times, Bloomberg reported on November 11, 2026, citing people familiar with the matter, signaling broad demand ahead of pricing. The sources said demand included indications of interest for large blocks, sufficient to serve as anchor orders and help support the offering. The company is seeking to raise as much as $90.4 billion from the offering and concurrent private placement, according to the report. The targeted proceeds figure reflects the amount the transaction aims to raise, while orders exceeding the shares on offer reflect demand for the stock. The figures come as Anthropic prepares to list after rapid revenue growth and a major expansion in spending on computing and infrastructure.

Anthropic is offering about 825 million Class A shares at a price range of $70 to $78 a share, according to company disclosures cited by the Associated Press. In a more recent amendment to its registration statement, the company estimated net proceeds from the offering and private placement at about $84.6 billion, based on an assumed price of $74 a share. Net proceeds could rise to $93.7 billion if underwriters fully exercise their option to buy additional shares, according to the filing. These estimates differ from the maximum $90.4 billion cited in Bloomberg's report, as the company's figures reflect net proceeds under assumptions about the share price and underwriters' option. The AP said the offering may not surpass SpaceX's $86 billion raise in June, a record figure the agency cited for comparison.

Demand for the offering comes alongside a sharp expansion in the company's business: Anthropic generated about $33.2 billion in revenue in the nine months ended September 30, 2026, compared with $2.5 billion in the same period of 2025. The company said revenue increased 1,206% year over year, driven by higher usage, expansion and broader adoption of its offerings following successive model and product releases. The number of customers with more than $100,000 in annualized revenue rose from more than 950 in September 2025 to more than 11,900 in September 2026. In the same nine-month period, no single customer accounted for more than 10% of revenue, according to the company's disclosure. These metrics show a broader customer base alongside revenue growth, with no disclosed reliance on a single customer above that threshold.

In the quarter ended September 30, 2026, Anthropic reported an operating loss of $567 million, which the company attributed mainly to $5.0 billion in computing under short-term commitments and $2.0 billion in noncash expenses related to a donation-matching program. Over the first nine months of 2026, computing and infrastructure expenses totaled $18.808 billion, up from $4.381 billion in the corresponding period of 2025. Even so, those expenses fell to 57% of revenue from 172% a year earlier, according to a company table. This puts revenue growth alongside high operating costs, while computing and infrastructure expenses have declined as a share of revenue. The company attributes sales growth to successive model and product releases, while tying a large part of its loss and costs to computing resources.

Combined purchase and lease commitments total about $900.9 billion, according to a more recent amendment to the registration statement. Anthropic expects to incur about $451.6 billion of these commitments before December 31, 2030, while about $70.7 billion is due in the 12 months following September 30, 2026. These commitments reflect the resources the company plans to secure to operate its services and expand its computing capacity and infrastructure. In the context of capital spending in the sector, the AP reported that SpaceX raised $86 billion in June, a measure of the financing markets may compare with the anticipated offering. Orders exceeding the shares on offer come amid these substantial financial requirements, while the disclosed financing figures remain separate from the targeted market valuation at listing.

Anthropic is targeting a valuation of about $1.3 trillion at listing, according to an Associated Press report published on November 10, 2026, which also said trading on Wall Street is expected to begin during the month. That valuation remains a target estimate, while expected proceeds depend on the offering price, share count and underwriters' option. The company is therefore pursuing a large financing alongside an approximate trillion-dollar valuation ambition, as anchor orders support initial demand for the shares. Revenue growth and a broader customer base also coincide with huge, ongoing commitments to computing and infrastructure spending. The next step reported by the agency is the start of trading during November, with no specific day given in the report.