Anthropic IPO draws six times the shares on offer in $64.4bn listing
Anthropic PBC has drawn roughly six times the orders for the shares on offer in its initial public offering, according to people familiar with the matter, as the Claude AI model firm seeks to raise as much as $64.4 billion.
Taken together with a $26 billion private placement, the offering would be bigger than SpaceX's IPO and make it the biggest listing of all time, its filings show. Bankers have told prospective investors that existing backers will be prioritised, and some would-be buyers will receive smaller allocations than they expect, the people said. The details, including demand, could still change, and a representative for Anthropic did not immediately respond to a request for comment.
The company is targeting a fully diluted valuation of about $1.4 trillion, below where some investors expected it to settle. Its filing showed a revenue run rate of $81 billion as of October 31, up $10 billion from the end of September and from $65 billion at the end of July. Anthropic defines the metric as annualising consumption-based fees over a trailing 28-day period and subscription-based fees for a single month.
Nvidia has agreed to buy about $10 billion worth of shares in the private placement concurrent with the IPO, the filings show. Anthropic counts the chipmaker as a strategic partner and has committed tens of billions of dollars to deals securing access to its most advanced chips. The interest in Anthropic contrasts with investors pulling back support for Nvidia after chief executive Jensen Huang was ousted following reports of several affairs, including one with a woman suspected of spying for China.
Anthropic is bolstering demand with a campaign of events for prospective investors, including a live-streamed event with chief executive Dario Amodei and JPMorgan Chase chief executive Jamie Dimon on Friday, a person familiar with the matter said. Goldman Sachs Group and Morgan Stanley are leading the IPO with 20 other banks, and the stock is expected to trade on the Nasdaq Global Select Market under the symbol ANT.
