Anthropic's IPO received approximately six times oversubscription, aiming to raise a record $90.4 billion

Investor demand for Anthropic's IPO continues to heat up.

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

This IPO is expected to become one of the largest stock listings in history. According to the updated prospectus submitted by Anthropic on Tuesday, the company plans to issue shares at a price range of $70 to $78 per share, with the public offering portion expected to raise approximately $64.35 billion. Additionally, the company plans to raise $26 billion through a private placement to large tech companies, bringing the total fundraising amount to a maximum of $90.4 billion, surpassing the previous record set by SpaceX.

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

According to reports on Wednesday, Anthropic's IPO has received several times oversubscription. The report cited insiders stating that the demand primarily comes from large investors submitting substantial intention orders, rather than a short-term speculative frenzy driven by retail investors.

Just a day later, Bloomberg's Thursday report further pointed out that subscription demand has reached about six times the number of shares being issued, indicating that this large IPO has garnered strong demand from institutional investors early in the roadshow.

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

However, the current subscription multiple remains an indicator of demand during the issuance process, and the final offering price, issuance scale, and subscription results may still change.

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

Anthropic's IPO scale is extremely large; in addition to issuing shares to the public market, the company has 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 an offering price range of $70 to $78 per share, raising approximately $64.35 billion at the upper limit of the range.

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

The total financing from both parts could reach a maximum of $90.4 billion. If successfully completed, this transaction will exceed SpaceX's previous record IPO, becoming one of the largest public financing transactions in the history of global capital markets.

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

Valuation targets $1.4 trillion, AI giant IPO faces market scrutiny

According to the previously announced issuance plan, Anthropic's fully diluted valuation is approximately $1.4 trillion. However, this valuation is lower than some investors' earlier expectations.

Earlier reports indicated that some investors had originally anticipated a higher valuation for Anthropic, even discussing levels above $1.5 trillion. As AI tech stocks have recently faced sell-offs, concerns about the massive computational investments, future profitability, and investment returns of AI companies have increased, leading to a temporary decline in valuation expectations.

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

However, strong subscription demand does not necessarily mean that the stock price will rise after listing. Anthropic's performance post-listing will also depend on investors' ongoing assessments of its revenue growth, profit prospects, and returns on massive AI infrastructure investments.

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