EL7.AI
StocksMediumUpdated×2•Originally published 12 November 2026•Updated 12 November 2026•
4 min read

Anthropic IPO Orders Several Times Oversubscribed as Company Targets $26 Billion Private Placement

Key Facts

1Anthropic IPO orders exceeded the available shares several times, with signs of substantial interest from anchor investors.
2The company is offering 825,000,000 Class A shares at an indicative price of $70 to $78 a share.
3The concurrent private placement is valued at $26 billion, at a price equal to the IPO price.
4Revenue was $33.2 billion in the nine months ended September 30, 2026, compared with $2.5 billion in the corresponding period of 2025.
5Contractual spending commitments total about $900.9 billion, of which $70.7 billion is due in the twelve months following September 30, 2026.

Orders for Anthropic’s initial public offering exceeded the shares available several times, driven by signs of substantial interest from anchor investors, according to Bloomberg News. Demand for the deal comes as the company offers 825,000,000 Class A shares at an indicative price of $70 to $78 a share. Anthropic has asked to list the shares on Nasdaq under the symbol ANT, according to its registration statement filed with the U.S. Securities and Exchange Commission. The report published on November 11 did not specify the level of oversubscription, but said demand was accelerating for a deal that could become the largest initial share sale. The transaction combines an IPO with a concurrent private placement, making its potential size a focus for investors.

Anthropic is selling 801,351,354 of the offered shares, while existing shareholders are selling an additional 23,648,646 shares, according to the company’s prospectus. The company will not receive proceeds from shares sold by existing shareholders, while proceeds from its shares will go to the company. The private placement involves the sale of Class N shares worth a total of $26 billion to Google, NVIDIA, AMD, Broadcom, Micron, Microsoft and TSMC. The share price in the private placement is equal to the IPO price, according to the prospectus. The prospectus estimates net proceeds from the company’s shares in the IPO and private placement at about $84.6 billion at an assumed price of $74 a share, rising to $93.7 billion if underwriters fully exercise their option to buy additional shares.

Anthropic revenue exceeded $33.2 billion in the nine months ended September 30, 2026, compared with $2.5 billion in the same period of 2025, according to the company’s prospectus. In the same period, its operating loss narrowed to $1.3 billion from $5.2 billion. But the quarterly picture shifted in the quarter ended September 30, when the company posted an operating loss of $567 million after operating income of $974 million in the previous quarter. The company attributed the shift mainly to $5 billion in computing under short-term commitments and $2 billion in non-cash charges related to its donation-matching program. The figures show a divergence between improved operating results over the nine-month period and a return to a loss in the latest reported quarter.

The company’s revenue rose 1,127% year over year in the three months ended September 30, 2026, while computing and infrastructure expenses increased 382%, according to Anthropic’s prospectus. Computing and infrastructure expenses totaled $9.9 billion in the quarter, equivalent to 58% of revenue. The company said $5 billion of those expenses was related to computing under short-term commitments, which costs more than comparable multiyear contracts. The number of customers each generating at least $100,000 in revenue over the previous twelve months rose from about 400 on March 31, 2025, to more than 11,900 on September 30, 2026. The company linked quarterly revenue increases to model and product releases that boosted usage, expansion and adoption, but said it does not expect growth to continue at the same rates and cannot guarantee it will continue.

The company’s aggregate contractual spending commitments total about $900.9 billion, according to Anthropic’s prospectus. The company expects to spend $451.6 billion of that total before December 31, 2030, while $70.7 billion is due in the twelve months following September 30, 2026. The company said it intends to secure more computing capacity and expand its data center footprint. The prospectus says proceeds from the transaction will support general purposes, including working capital, operating expenses, investment in computing and infrastructure, and hiring and employee retention. These stated uses come alongside the company’s growing need for computing capacity, reflected in its rising expenses and contractual commitments.

The prospectus reveals a concentration in the revenue base, with the five largest customers accounting for about 25% of Anthropic revenue in the nine months ended September 30, 2026. The company said revenue and accounts receivable depend heavily on a limited number of customers and distribution channels. Before accounting for the offering proceeds, the company had $146.6 billion in liquidity on September 30, 2026, including $95.6 billion in cash and cash equivalents and $36.3 billion in short-term investments. In comparison with major offerings, the Associated Press reported that SpaceX’s June offering raised $86 billion, a record that Anthropic’s offering may not surpass. The news agency added that Anthropic’s offering could precede OpenAI’s, putting the company in public markets ahead of its rival.