Analysis
Anthropic's initial public offering has drawn orders for about six times the shares available, Bloomberg reported on November 12, 2026, citing people familiar with the matter, as relayed by Yahoo Finance and The Standard.
The deal terms are unchanged: Anthropic and some existing shareholders are selling 825 million shares at $70 to $78 each to raise up to $64.4 billion. With the concurrent private placement, the total reaches as much as $90.4 billion, per Yahoo Finance.
What changed since the first oversubscription report
Pulse reported on November 11 that the Anthropic IPO was multiple times oversubscribed one day into its roadshow, without a stated coverage multiple. The new Bloomberg report puts a number on it, about six times, and adds two details on how the shares will be handed out. Bankers have told prospective investors that Anthropic will prioritize its existing backers, leaving some would-be buyers with smaller allocations than expected, per The Standard's Reuters-bylined account. Yahoo Finance adds that some institutions are already reselling portions of their expected allocations and that pre-IPO holders are marketing stakes to outside investors through special purpose vehicles. The Standard notes the details, including demand, could still change.
“The deal terms are unchanged: Anthropic and some existing shareholders are selling 825 million shares at $70 to $78 each to raise up to $64.4 billion.”
How much is Anthropic worth in the IPO?
The targeted fully diluted valuation is roughly $1.4 trillion, which Bloomberg describes as slightly below some investor expectations, per The Standard. Our earlier report on the $70-$78 range walked through why the number depends on share count: the fully diluted figure includes options and other equity awards, and the figure on shares outstanding is lower. Shares are expected to start trading on the Nasdaq Global Select Market under the ticker ANT on November 19, per The Standard and Yahoo Finance, after pricing that Fortune expected on November 18. Goldman Sachs and Morgan Stanley are the lead underwriters, supported by 20 additional institutions, per Yahoo Finance.
Anthropic revenue growth
The order book is pricing a fast-moving revenue line. Anthropic's filings show an annualized revenue run rate of $81 billion as of October 31, per The Decoder and Yahoo Finance. Yahoo Finance gives the earlier marks:
- July 2026 -- $65 billion run rate at the close of the month
- September 2026 -- $71 billion at the end of the month
- October 31, 2026 -- $81 billion, up $10 billion in a month and $16 billion since July
At the $1.4 trillion target, that is roughly 17 times the October run rate, a Pulse calculation from the two reported figures.
Value Add VC data
Selected rounds and the IPO, from sources opened this run:
- Feb 2026, Series G -- $30B round, with Nvidia among the participants (Crunchbase News)
- Nov 2026, IPO -- up to $64.4B at $70-$78 a share, plus a $26B concurrent placement, at a roughly $1.4T fully diluted target valuation (Yahoo Finance)
Nvidia has pledged to buy roughly $10 billion of the placement, per Yahoo Finance and The Decoder, a commitment Pulse covered in Nvidia's $10B Anthropic IPO bet after Jensen Huang's exit.
The risks in a six-times book
Oversubscription is not the same as committed money. IPO order books routinely carry inflated orders from funds that expect to be cut back, and a six-times figure from unnamed sources says nothing about how much of the demand is price-sensitive above $78. The allocation policy cuts both ways too: favoring existing backers rewards holders who already own the stock, but it leaves new institutions short, and the resale of expected allocations and SPV marketing that Yahoo Finance describes are signs of investors trading paper before the shares exist. Some of that unfilled demand will show up as buying on November 19; some of it will vanish if the price is raised too far. CEO Dario Amodei was set to pitch investors in a Friday livestream with JPMorgan Chase CEO Jamie Dimon, per The Decoder.