Anthropic IPO hits sixfold oversubscription toward record $90.4 billion raise as Nvidia keeps $10 billion anchor

NEW YORK — Institutional investors have flooded Anthropic’s roadshow order books with roughly six times more demand than available shares, according to Bloomberg reporting, putting the developer of the Claude artificial intelligence platform on track to eclipse SpaceX’s June debut as the largest stock-market fundraising in corporate history.

Lead underwriters Goldman Sachs and Morgan Stanley, working alongside 20 syndicate banks, began marketing 825 million shares earlier this week after Anthropic set its indicative Nasdaq IPO price range at $70 to $78 per share. At the top of that band, the San Francisco company would raise $64.4 billion from public-market buyers and command a fully diluted valuation near $1.41 trillion when trading begins under the ticker symbol ANT, expected on November 19.

A $90.4 billion combined war chest led by Big Tech anchors

What pushes the transaction past SpaceX’s $75 billion summer listing is a parallel $26 billion private placement locked in at the final IPO price with seven semiconductor and cloud heavyweights. Regulatory filings show Nvidia has committed approximately $10 billion to that concurrent share sale, joined by Alphabet’s Google, Microsoft, Advanced Micro Devices, Broadcom, Micron Technology, and Taiwan Semiconductor Manufacturing Company, while Anthropic board members and affiliated entities plan to purchase up to $303 million in stock.

Together, the $64.4 billion public offering and $26 billion strategic placement would deliver $90.4 billion in gross proceeds—before counting a potential underwriters’ greenshoe option worth nearly $10 billion more if banks exercise their full overallotment.

Wall Street desks spent Thursday afternoon watching closely to see whether Jensen Huang’s sudden resignation as Nvidia chief executive would disrupt Nvidia’s $10 billion anchor check. Neither Nvidia interim CEO Colette Kress nor Anthropic has signaled any revision to the commitment, reassuring institutional funds that chip-supply partnerships underpinning Anthropic’s model training remain intact.

Explosive $81 billion revenue pace fuels pricing debate

Behind the sixfold order book sits one of the steepest revenue curves ever presented in an S-1 registration statement. Founded in 2021, Anthropic disclosed that its annualized revenue run rate hit roughly $81 billion on October 31—jumping $10 billion in a single month—while third-quarter revenue reached $17 billion, outpacing OpenAI’s reported $10 billion quarterly haul over the same span.

Despite remaining unprofitable on a trailing earnings basis due to massive data-center compute bills, Anthropic appeared to price its initial $1.26 trillion to $1.41 trillion band roughly 20 percent below private-market chatter that had floated a $1.5 trillion to $2 trillion sticker earlier this autumn. Bankers told prospective buyers that existing shareholders will receive allocation priority, leaving many newcomers braced for sharply scaled-back share allotments—and prompting underwriters to weigh lifting the final price range next week if momentum holds.

Anthropic chief executive Dario Amodei and JPMorgan Chase chief executive Jamie Dimon are scheduled to headline a livestreamed investor presentation Friday to cap the first week of the roadshow, keeping Silicon Valley dealmaking at fever pitch alongside advancing talks for a $3.4 trillion merger between SpaceX and Tesla.