Anthropic's planned initial public offering has attracted orders worth several times the number of shares available in the deal, Bloomberg reported, citing people familiar with the matter, as investor interest builds ahead of what could become the largest stock market listing in history.

Demand has been driven by large indications of interest from prospective investors, according to the report. The size of those orders has not been made public, and the final terms of the offering could still change before pricing. In a bookbuilding process, such indications of interest are non-binding orders that help underwriters gauge demand before the final offer price and share allocations are set.

According to regulatory filings, the Claude chatbot developer and its co-founders are seeking to raise as much as $90.4 billion through the IPO combined with a separate private placement. If completed at that scale, the transactions would exceed the $75 billion raised by SpaceX in June, potentially making Anthropic's listing the largest on record. For comparison, Saudi Aramco's 2019 IPO holds the record among completed listings, having raised about $29.4 billion.

Strong Investor Demand Ahead of Landmark Listing

Anthropic is targeting a fully diluted valuation of approximately $1.4 trillion through the offering. That figure is below the valuation some investors had expected, although companies sometimes set initial IPO terms conservatively to encourage demand and leave room for an increase in the final pricing.

Bloomberg reported that some existing investors are already offering portions of their IPO allocations to other prospective buyers. Such arrangements could allow them to collect additional fees while reducing their exposure to potential trading volatility after the listing. Other investors holding pre-IPO stakes are marketing their holdings to prospective buyers through special purpose vehicles, a structure commonly used to package private-company shares for groups of buyers.

Goldman Sachs and Morgan Stanley are leading the offering, with 20 other banks participating, according to the filing. Anthropic's shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol ANT.

The company is also organizing a series of events to attract prospective investors, according to the report. These include a livestreamed discussion scheduled for Friday featuring Anthropic Chief Executive Officer Dario Amodei and JPMorgan Chase CEO Jamie Dimon. The events form part of the pre-listing roadshow, in which management and underwriters present the deal to institutional investors before the offer price is finalized.

Revenue Growth and Computing Commitments

Anthropic's rapid revenue growth has been a central part of its investment case. Its annualized revenue run rate — a metric that extrapolates recent monthly performance into a full-year estimate — reached approximately $81 billion as of October 31, up around $10 billion from the end of September, according to its IPO filing. The company was last valued at $965 billion in a private funding round in May.

Founded in 2021, Anthropic has built its business around its Claude family of artificial intelligence models. Its growth, however, requires substantial computing capacity. The company carries nearly $900 billion in computing commitments with partners, including Amazon and Alphabet's Google. These commitments highlight Anthropic's dependence on external infrastructure providers and financing arrangements to secure the computing resources required to support its expansion.

Private Placement Could Take Total Fundraising to $90.4 Billion

Alongside the public offering, Anthropic plans to raise $26 billion through a separate private placement involving major technology companies. The cornerstone investors include Alphabet, Nvidia and Advanced Micro Devices, while other participants include Broadcom, Micron Technology, Microsoft and Taiwan Semiconductor Manufacturing Company. Cornerstone investors commit to purchasing shares ahead of the public offering, providing a base of demand for the deal.

Combined with the proceeds of the IPO, the transactions could raise as much as $90.4 billion in total. Certain Anthropic board members and related entities are also expected to purchase up to $303 million worth of shares.

The scale of the planned fundraising makes the listing a major test of investor appetite for artificial intelligence companies. Anthropic's valuation and the demand for its shares will also provide an indication of how public-market investors assess the industry's growth prospects and substantial infrastructure requirements.

Retail investors looking to buy shares of the company will have to wait a little longer, until Anthropic is officially listed on the Nasdaq. The next markers in the process are the setting of final offer terms at pricing and the stock's first day of trading on Nasdaq.

This article is based on reporting published by Invezz, which drew on a Bloomberg report and Anthropic's regulatory filings.