Anthropic IPO about six times oversubscribed as roadshow demand tops SpaceX's early pace

Anthropic's initial public offering was about six times oversubscribed by the third day of its roadshow, Reuters reported on November 13. People familiar with the offering said orders amounted to about twice the shares available by the end of the roadshow's first day, rising to six times oversubscribed two days later, with institutional interest outpacing the early days of SpaceX's roadshow. Anthropic declined to comment, and the demand figures could still change.

825 million shares at $70 to $78

Anthropic launched the roadshow on November 10, proposing to sell 825 million Class A shares at an expected $70 to $78 per share, raising up to about $64 billion; underwriters have a 30-day option for up to 123.75 million additional shares. The roadshow runs through November 18, when the deal is expected to price, and the company has applied to list on the Nasdaq Global Select Market. Bankers called the early demand impressive for an offering of this size and said they expected the order book to grow substantially.

Valuation debate: can Claude hold its lead?

Investors are testing two parts of Anthropic's investment case, Reuters reported: whether its advanced models can stay ahead as Alphabet's Google and other rivals close the gap, and whether Claude can expand from coding into broader knowledge-work uses. Banks are anchoring valuation models to projected 2028 revenue of about $270 billion to $280 billion; sell-side projections put 2026 revenue at roughly $52 billion to $53 billion and 2027 at $135 billion to $137 billion, though forecasts vary widely. Some investors were cautious, noting Anthropic had not provided detailed answers to some questions at roadshow meetings.

Source: Reuters (via Unite.AI). This site reported on Anthropic's IPO demand and valuation on November 11; this is a follow-up with new figures on subscriptions, offering terms and the pricing date.