Bloomberg reported on November 12, 2026, that orders for Anthropic's initial public offering (IPO) have reached about six times the number of shares planned for sale. The report, which cites people familiar with the matter, adds new demand information to the offering terms Anthropic disclosed on November 10. The final offer price and the final number of shares have not yet been set.
Anthropic has announced plans to sell 825 million shares at $70 to $78 per share. At the top of that range, the public offering would total $64.35 billion. Adding a separate $26 billion private placement brings the total to $90.35 billion. That combined figure exceeds the roughly $75 billion base offering in SpaceX's IPO, but Anthropic's public offering alone is smaller. When assessing the size of the IPO, the public offering and the private placement need to be considered separately.
Orders reportedly about 6x the shares offered
According to the description of a Bloomberg video, orders for Anthropic's IPO have reached about six times the planned number of shares. The source is an unnamed person familiar with the matter, and the order status and offering terms could still change. The report indicates that, at this point, investor demand far exceeds the number of shares planned for sale.
On November 10, Anthropic began its roadshow, the series of presentations to investors, and announced plans to sell 825 million shares of Class A common stock at $70 to $78 per share. The latest report describes the order status after those terms were presented. The company has applied to list on the Nasdaq Global Select Market under the ticker "ANT."
The underwriters will also receive a 30-day option to purchase up to 123.75 million additional shares at the offering price. This option is separate from the 825 million-share base offering, and how much of it is exercised will change the final total. However, the oversubscription multiple and the actual offering size are different measures. Orders for six times the shares offered do not by themselves determine the amount raised, the post-listing share price, or how shares are allocated among investors. The final offering size will become clear only once the official offer price and share count are set.
Including the private placement, up to $90.35 billion, above SpaceX's IPO
Under the offering terms Anthropic announced on November 10, the public offering covers 825 million shares at an assumed price of $70 to $78 per share. At the top of the range, $78, the public offering totals $64.35 billion. Adding a separate $26 billion private placement brings the total to $90.35 billion.
According to the prospectus filed with the U.S. Securities and Exchange Commission (SEC), seven investors have signed agreements to purchase a total of $26 billion of Class N common stock. The private placement uses the same price as the IPO and the investment amounts are fixed, so the number of shares issued varies with the offer price. Completion of the placement is conditioned on the IPO closing, among other things, and is expected to occur immediately after the IPO is completed.
| Anthropic assumed price | Total public offering | Private placement | Combined total |
|---|---|---|---|
| $70 | $57.75 billion | $26 billion | $83.75 billion |
| $74 | $61.05 billion | $26 billion | $87.05 billion |
| $78 | $64.35 billion | $26 billion | $90.35 billion |
Note: The total public offering is the number of shares offered multiplied by the share price, before deducting expenses, and includes shares sold by existing shareholders. It does not include the underwriters' option to purchase additional shares. Figures are calculated from the assumed terms as of November 10, and completion of the private placement is conditioned on the IPO closing, among other things.
In SpaceX's final prospectus dated June 11, the base offering was 555,555,555 shares at an offer price of $135. Multiplying the two gives a total of about $75 billion. At any price within its assumed range, Anthropic's combined total with the $26 billion private placement exceeds SpaceX's base offering. Comparing the base public offering alone, however, even $78 per share falls short of SpaceX.
The relationship holds even when the underwriters' additional-purchase option is included. If Anthropic's offer price is $78 and all 123.75 million option shares are purchased, that portion would be worth $9.6525 billion. Combined with the base offering, the total would be $74.0025 billion, still below SpaceX's base offering. For SpaceX, including all 83,333,333 option shares would bring the calculated total to about $86.25 billion.
It is therefore necessary to distinguish between Anthropic's combined total exceeding SpaceX's base offering and its public offering alone exceeding SpaceX's. This comparison is based on Anthropic's assumed terms and SpaceX's finalized terms. It does not mean that Anthropic's additional-purchase option has actually been exercised or that the private placement has been completed.
Anthropic's actual proceeds estimated at about $84.6 billion
The total amount of the IPO does not translate directly into funds raised by Anthropic. Of the 825 million shares in the public offering, Anthropic will newly issue 801,351,354, and the remaining 23,648,646 will be sold by existing shareholders. Proceeds from the shares sold by existing shareholders go to the sellers, not to Anthropic. By contrast, the $26 billion private placement involves investors purchasing newly issued Anthropic shares, so that money goes to the company.
At $74, the midpoint of the assumed range, the combined total for the public offering and private placement before deducting expenses is $87.05 billion. By comparison, Anthropic estimates its net proceeds, after underwriting discounts and other deductions, at about $84.6 billion if the additional-purchase option is not exercised. The difference reflects proceeds paid to existing shareholders and various expenses.
The company also estimates that if the additional-purchase option is exercised in full, its net proceeds under the same $74 assumption would rise to about $93.7 billion. It plans to use the proceeds for computing resources and infrastructure, hiring, working capital, and other purposes. To gauge how much money will actually be put to work in the business, it is necessary to look at the net proceeds the company receives, not just the total offering amount before expenses.
The roughly sixfold oversubscription reflects the scale of investor orders relative to the shares offered. The total offering amount, by contrast, is the combined price of the shares being sold, and net proceeds are the funds the company receives after expenses. These are distinct measures, and it is important to separate them when evaluating demand for the IPO, the size of the transaction, and a company's fundraising capacity.
Annualized revenue of $81 billion; final terms are the key
In its prospectus, Anthropic disclosed that its annualized revenue reached about $81 billion as of October 31, 2026. That is an increase of $10 billion from September 30. The company defines the metric as 13 times its usage-based revenue over the past 28 days plus 12 times monthly subscription fees as of the measurement date. It is, however, an operating metric of the company's own that has not been independently verified, and it cannot be equated with accounting revenue or a forecast of future sales.
The report that orders for the IPO have reached about six times the planned number of shares points to strong investor demand for Anthropic. However, the final offering size and the funds the company secures will depend on the official offer price and share count, whether the underwriters exercise their additional-purchase option, and whether the $26 billion private placement is completed as planned. Separating the public offering from the private placement and checking actual net proceeds will be key to gauging the funding available for the company's AI development and computing infrastructure investment.