demand for Anthropic's IPO continues to heat up.

According to the latest report by Bloomberg on Thursday, November 12, Anthropic's initial public offering (IPO) has been oversubscribed by about six times, indicating that investor demand reached approximately six times the number of shares being issued. Just a day earlier, Bloomberg also reported that this IPO had already received several times oversubscription. The latest news shows that as the investor roadshow progresses, market enthusiasm for subscription has further increased.

This IPO is expected to become one of the largest stock listings in history. According to the new prospectus submitted by Anthropic this Tuesday, the company plans to issue shares at a price of $70 to $78 each, with the public offering portion aiming to raise approximately $64.35 billion. In addition, the company also plans to raise $26 billion through private placement to large tech companies, bringing the total potential fundraising to $90.4 billion, surpassing the previous record set by SpaceX's IPO.

Subscription demand reaches six times the issuance scale, institutional investors become the main driving force

According to reports from this Wednesday, the Anthropic IPO has received several times oversubscription. The report cites informed sources stating that the demand primarily comes from large investors submitting significant interest orders, rather than a short-term speculative frenzy driven by retail investors.

Just a day later, Bloomberg's report on Thursday further pointed out that subscription demand has reached approximately six times the number of shares being issued, indicating strong institutional investor demand at the early stages of the roadshow for this large IPO.

This also provides greater maneuvering space for Anthropic in its subsequent pricing. Previously, the IPO price range announced by Anthropic was $70 to $78 per share, but as investor demand continues to strengthen, underwriters are already considering raising the issuance price. The Financial Times previously reported that banks are considering increasing the valuation of Anthropic's IPO to $1.5 trillion or higher.

However, the current multiple of subscriptions is still a demand indicator during the issuance process, and the final issuance price, scale, and subscription results may still change.

Maximum fundraising of $90.4 billion, Anthropic aims for the largest IPO in history

The scale of this IPO by Anthropic is enormous. In addition to the public market share issuance, the company has also arranged for private placements involving large tech companies.

According to documents submitted to the U.S. Securities and Exchange Commission (SEC), Anthropic plans to publicly issue approximately 825 million shares, with a price range of $70 to $78 per share, which means the public offering portion could raise about $64.35 billion at the upper end of the range.

At the same time, the company plans to raise $26 billion through private placements, with investors including large tech companies such as AMD, Broadcom, Google, Microsoft, NVIDIA, Marvell, and TSMC.

The total fundraising from both parts could reach up to $90.4 billion. If successfully completed, the scale of this transaction will exceed the previous record set by SpaceX's IPO, making it one of the largest public financing transactions in the history of the global capital market.

Anthropic plans to list on the Nasdaq Global Select Market under the ticker symbol ANT. Goldman Sachs and Morgan Stanley are the lead underwriters for this IPO, along with 20 other banks participating in the underwriting.

Valuation aims for $14 trillion, AI giant's IPO accepts market scrutiny

According to the previously announced issuance plan, Anthropic's fully diluted valuation is approximately $14 trillion. However, this valuation is below the expectations of some investors.

Previous reports stated that some investors had expected Anthropic to achieve higher valuations, even discussing levels above $15 trillion. With recent sell-offs in AI tech stocks, market concerns about massive investments in AI companies, future profitability, and investment returns have increased, and valuation expectations have once dipped.

Now, with the IPO receiving approximately six times oversubscription, it provides a positive signal for Anthropic's issuance prospects and shows that large institutional investors are still willing to invest significant amounts of capital for the long-term growth prospects of leading AI companies.

However, strong demand for the IPO does not necessarily mean that the stock price will rise post-listing. Anthropic's performance after going public will also depend on investors’ ongoing assessments of its revenue growth, profitability outlook, and returns from massive AI infrastructure investments.

As Anthropic advances toward its listing, this massive IPO will also serve as an important test of the capital market's enthusiasm for AI investments.

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