Anthropic is Seeking to Raise Over $90.4 Billion. The IPO is Reportedly Oversubscribed Multiple Times.

Anthropic's IPO is oversubscribed multiple times as the company gears up to go public, according to a new report.

Citing people familiar with the matter, Bloomberg detailed that demand is massive and the company's could be the biggest first-time share sale ever. It has been driven by anchor-size indications of interest.

The company is seeking to raise as much as $90.4 billion in the IPO and a private placement.

The company plans to sell approximately 801.4 million new shares at $70 to $78 each, according to an amended registration statement filed with the Securities and Exchange Commission Tuesday.

Existing shareholders will sell another 23.6 million shares, bringing the total public offering to 825 million. Anthropic will not receive proceeds from those secondary sales.

At the top of the proposed price range, the company's equity valuation would exceed $1 trillion, while its fully diluted valuation, which accounts for shares that may be issued through options and other securities, would be approximately $1.4 trillion. That is below earlier market expectations of a valuation approaching $2 trillion.

Seven major technology companies have also committed to purchasing $26 billion worth of Anthropic's nonvoting Class N shares in a separate private placement tied to the IPO.

The investors include Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and TSMC Partners. Their shares will be priced at the final IPO price, subject to the terms outlined in the filing.

At the $74 midpoint of the proposed range, Anthropic expects combined net proceeds of approximately $84.6 billion from the public offering and private placement, after underwriting discounts and expenses. The amount would increase to roughly $93.7 billion if underwriters purchase an additional 123.75 million shares in full.

Goldman Sachs and Morgan Stanley are leading the offering. Anthropic launched its IPO roadshow Tuesday and has applied to list on the Nasdaq Global Select Market under the ticker ANT. The final offering price and trading date have not been announced.

Founded in 2021 by former OpenAI executives Dario and Daniela Amodei and other researchers, Anthropic develops the Claude family of AI models and sells access through subscription products and application programming interfaces used by businesses and developers.

The company's latest financial disclosures show revenue reached $33.2 billion during the nine months ended Sept. 30, 2026, compared with approximately $2.5 billion during the same period last year.

Public investors will purchase Class A shares carrying one vote each, while strategic partners participating in the private placement will receive nonvoting Class N shares.

The filing also sets restrictions on sales by existing investors and employees following the listing, with certain shareholders, including the founders, subject to lock-up periods of up to 365 days.

Anthropic first filed for its IPO on Oct. 26. Its latest amended registration statement remains preliminary and is subject to completion before shares can be sold to public investors.