Anthropic IPO draws sixfold demand in bid for record $64.4bn listing

Anthropic PBC has drawn about six times the orders for the shares on offer in its initial public offering, people familiar with the matter said, as the Claude maker seeks as much as $64.4 billion in the listing and $26 billion in a private placement.

Taken together, the filings show the offering would be bigger than SpaceX's IPO, making it the largest listing of all time. The company is targeting a fully diluted valuation of about $1.4 trillion, below where some investors expected it to settle.

The filings show Nvidia has agreed to buy about $10 billion of shares in the private placement, which runs alongside the IPO. 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.

Anthropic reported a revenue run rate of $81 billion as of October 31, up $10 billion from the end of September, the filing showed. It defines the metric as annualising consumption-based fees over a trailing 28-day period and subscription-based fees for a single month.

Bankers have told prospective investors that existing backers will be prioritised and some buyers will receive smaller allocations than they expect, the people said, adding that the details could change. Goldman Sachs 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.