Fast Technology News, November 12 — Anthropic's IPO has already been oversubscribed several times over, with investor orders far exceeding the number of shares available. Sources indicate that demand is driven primarily by large intended subscriptions from major institutional investors.

Market demand is exceptionally strong, and overall subscription enthusiasm has surpassed earlier market expectations. The underwriting team is now considering raising the IPO offering price range.

To further stoke investor interest, Anthropic has organized a series of promotional events, including a livestream featuring the company's CEO alongside JPMorgan Chase's CEO.

The prospectus outlines a plan of $70 to $78 per share for a total of 825 million shares, of which approximately 801 million will be newly issued by the company and the remainder sold by existing shareholders. The IPO portion alone is set to raise up to about $64.35 billion, and combined with a simultaneous $26 billion private placement, the two together could bring in up to roughly $90.4 billion.

At the upper limit of $78 per share, the basic market value following both transactions would be approximately $1.02 trillion. When accounting for options, restricted stock, and other potential shares, the fully diluted valuation could reach about $1.4 trillion — below the $2 trillion figure the market had anticipated earlier this year.

The pricing clearly leaves room for upside. On the first day of the roadshow, institutional orders already covered all offered shares. Underwriters expect the final price to exceed $78. According to the Financial Times, investment banks are considering pushing the valuation to $1.5 trillion or higher.

The $26 billion private placement is being shared among industry chain partners: Google and Nvidia at $10 billion each, AMD at $2.5 billion, Broadcom, Micron, and Microsoft at $1 billion each, and TSMC at $500 million. This portion is priced at the same level as the IPO price.

If the over-allotment option is exercised in full, approximately 124 million additional shares could be issued, raising about $9.6 billion more. Combined with the private placement, the total financing scale would approach $100 billion, surpassing SpaceX's previous record of over $86 billion.