Anthropic's planned stock market listing has drawn orders several times greater than the shares on offer, Bloomberg reported on 11 November.

The company is seeking to raise as much as $90.4 billion through the share sale and a concurrent private placement. It plans to sell about 801 million new Class A shares at $70 to $78 each, according to an amended filing with the US Securities and Exchange Commission, which would value the company at about $1.4 trillion.

Record listing would top SpaceX

Seven large technology companies, including Google, Microsoft, Nvidia, AMD, Broadcom, Micron and TSMC, have committed to buy $26 billion of shares in the private placement. Together, the two transactions would top the roughly $86 billion raised by SpaceX in June, making Anthropic's debut the largest first-time share sale on record if it prices at the top of its range.

Bloomberg reported that demand is being driven by large anchor-sized orders from long-only institutional investors, rather than mainly by retail enthusiasm. The company launched its investor roadshow on Tuesday and has applied to list on the Nasdaq under the ticker ANT, with pricing expected on 18 November and trading to begin the following day.

What investors are backing

Anthropic's filing showed revenue of $33.2 billion in the nine months to 30 September, against about $2.5 billion in the same period a year earlier. Its annualised revenue run rate reached about $81 billion by the end of October. Google and Microsoft are named as strategic investors in the offering.

Investors should note that the reported demand is not final. Indications of interest are not binding commitments, and orders can change before pricing. The final allocation, price and total raised may all differ from the early figures reported this week.