Anthropic’s upcoming initial public offering (IPO) has attracted orders for about six times the number of shares available, signalling strong investor appetite for what could become the biggest stock market listing in history.The strong demand for shares in the maker of the Claude artificial intelligence (AI) models could leave some prospective investors with smaller allocations than expected. Bankers have told investors that the company plans to prioritise existing backers, according to a Bloomberg News report citing people familiar with the matter.The reported level of demand and other details of the offering could still change.The company and some of its existing shareholders are seeking to raise as much as $64.4 billion through the IPO, while a separate private placement is expected to bring in another $26 billion. Together, the two transactions could raise around $90.4 billion, potentially making it the largest fundraising exercise of its kind.Anthropic is offering 825 million shares at a proposed price range of $70 to $78 apiece. Its shares are expected to begin trading on the Nasdaq Global Select Market on November 19 under the ticker symbol ANT. The company is targeting a fully diluted valuation of about $1.4 trillion.The IPO demand comes even as the AI industry faces questions over its dependence on advanced chips and the enormous spending required to develop and run AI models.Nvidia, a key strategic partner of Anthropic, has agreed to purchase about $10 billion worth of shares as part of the $26 billion private placement. Other technology companies participating in the placement include Google, Microsoft, AMD, Broadcom, Micron and TSMC, according to the company’s filing.Anthropic has committed tens of billions of dollars towards securing access to advanced computing infrastructure, including chips needed to train and operate its AI models.
Revenue growth supports valuation
Anthropic’s rapid revenue growth is a key factor underpinning its ambitious valuation. The company reported a revenue run rate of $81 billion as of October 31, up $10 billion from the end of September, according to its filing.The figure stood at $65 billion at the end of July, Bloomberg News had earlier reported. The company calculates its revenue run rate by annualising consumption-based fees over a 28-day period and subscription fees for a single month.Anthropic has also stepped up efforts to attract investors ahead of the listing. Its chief executive officer, Dario Amodei, is scheduled to take part in a live-streamed event with JPMorgan Chase CEO Jamie Dimon on Friday.Goldman Sachs and Morgan Stanley are leading the IPO, with 20 other banks participating in the offering.
