Anthropic IPO orders equal six times shares available in offering
Key Facts
Investor orders in Anthropic's initial public offering reached about six times the shares available, Reuters reported on November 12, citing Bloomberg. The report points to strong demand for the offering, which could become one of the largest first-time share sales. Reuters said bankers had told potential investors that the company would give priority to its existing investors. That priority could limit the allocation available to some buyers. Reuters noted that demand details could change.
Anthropic began marketing the proposed offering on November 10, and the deal includes 825 million Class A shares. The company is selling 801,351,354 shares, while existing shareholders are selling 23,648,646 shares. The indicative price range is $70 to $78 a share, according to the company. Anthropic filed to list its Class A shares on the Nasdaq Global Select Market under the symbol ANT. The final price remains subject to completion of the offering process and pricing.
An Associated Press report put Anthropic's target listing valuation at about $1.3 trillion. The report said the offering could raise more than $61 billion if priced at the midpoint of the range. That compares with a record $86 billion raised in SpaceX's offering in June, according to the agency. The Associated Press said Anthropic's offering was likely to be large, but might not exceed that record. These estimates put the deal's size in the context of a wave of large offerings, while the final amount remains subject to the offering price.
The deal also includes a concurrent private placement with a total value of $26 billion, according to Anthropic's filing with the U.S. Securities and Exchange Commission. Google, NVIDIA, AMD, Broadcom, Micron, Microsoft and TSMC Partners are buying Class N shares at a price equal to the public offering price. The filing states that these companies' commitments are several and not joint. The financing brings together investors from the technology, chip and cloud infrastructure sectors. These commitments are being made alongside the public share offering and remain subject to completion of the proposed transaction.
The prospectus data show revenue accelerating to $33.242 billion in the nine months ended September 30, 2026, compared with $2.545 billion in the same period of 2025. In that period, the operating loss narrowed to $1.260 billion from $5.224 billion. Adjusted operating results also shifted from a loss of $3.133 billion to income of $4.081 billion. The base of high-spending customers expanded: the number that had each generated at least $100,000 in revenue over the last 12 months exceeded 11,900 as of September 30, 2026, compared with more than 950 as of September 30, 2025. These indicators show sales growth and improved operating results alongside the expansion of the company's commercial activity.
By contrast, the net loss was $104.039 billion in the nine months ended September 30, 2026, according to the company's filing. The result included fair-value losses of $94.324 billion related to convertible notes, derivative liabilities and SAFE agreements. The prospectus said these changes resulted mainly from an increase in the fair value of outstanding convertible promissory notes as the company's valuation rose during the periods in question. This accounting loss differs from the improvement in operating loss and adjusted operating income for the same period. In the background to the results, the Associated Press said revenue exceeded $16 billion in the first half of 2026, equal to 14 times revenue in the same period a year earlier.
Anthropic shares are expected to begin trading on Nasdaq on November 19 under the symbol ANT, Reuters reported. The company also expects to grant underwriters a 30-day option to buy up to 123,750,000 additional Class A shares. Anthropic said its registration statement with the U.S. Securities and Exchange Commission had not become effective when it announced the marketing period. It added that securities may not be sold, nor offers to buy them accepted, before the registration statement becomes effective. Trading, final allocations and final prices remain subsequent steps, subject to completion of these procedures.