Anthropic's IPO is said to be multiple times oversubscribed at $70 to $78 a share

Anthropic (ANT) has drawn orders for multiple times the shares on offer in its IPO, Bloomberg reports.

Large, anchor-size orders drove the demand. These are big early bids from institutions that help set the tone for the rest of the book.

Anthropic is selling 825M shares at $70 to $78 each, its latest prospectus shows. At the top of the range, that raises up to $64.4B.

The prospectus also lets the underwriters buy 123.75M more shares from Anthropic, which would add about $9.7B at $78. Banks often use that option when an offering is oversubscribed.

At $78, Anthropic would be worth about $1.02T based on the shares outstanding after the IPO and the private placement. Counting every share, including stock options, RSUs and shares reserved for employee plans, it comes to about $1.4T. That is the fully diluted figure Bloomberg and CNBC report.

Bloomberg notes that $1.4T falls short of what some investors had hoped for. A cautious range at the start of marketing leaves room for strong demand to lift the final price.

The IPO comes with a $26B private placement at the IPO price to seven chip and tech companies, including Alphabet (GOOGL), Nvidia (NVDA), Microsoft (MSFT) and TSMC (TSM). Together, Anthropic and its selling shareholders could raise about $90.4B, more than SpaceX raised in its record IPO in June.

To build demand, Anthropic is holding a series of investor events. They include a live stream on Friday, November 13, with CEO Dario Amodei and JPMorgan Chase (JPM) CEO Jamie Dimon.

Anthropic plans to price the shares on Wednesday, November 18, and start trading on the Nasdaq on November 19.

Sources & Further Reading

1. "Anthropic's IPO Is Said to Be Multiple Times Oversubscribed." Bloomberg. November 11, 2026.
2. "Anthropic, PBC Amendment No. 2 to Form S-1." Securities and Exchange Commission. November 10, 2026.