# Anthropic's IPO Draws About Six Times the Orders It Can Fill, Bloomberg Reports, With Trading Set for November 19

Times of AI Desk · 2026-11-11 · Frontier Labs

[https://timesof.ai/2026/11/anthropic-ipo-price-range-70-78-1-4-trillion-chipmakers-26b](https://timesof.ai/2026/11/anthropic-ipo-price-range-70-78-1-4-trillion-chipmakers-26b)

> Updated Nov. 13: Anthropic's IPO has drawn about six times as many orders as shares available, Bloomberg News reported on November 12, citing people familiar with the matter, and bankers told prospective investors existing backers will be prioritised. Anthropic will price the offering on November 18 and start trading as ANT on November 19, Yahoo Finance and Reuters report, two days after Nvidia's first results since Jensen Huang resigned. Earlier: Anthropic launched the roadshow on November 10, offering 825 million Class A shares at $70 to $78, about $1.4 trillion fully diluted at the top, with seven chip and cloud suppliers buying $26 billion of stock at the IPO price; its roadshow video says its Mythos model ported Claude to AMD chips in three days.

**Updated November 13, 2026:** Bloomberg now puts demand at about six times the shares on offer, and Anthropic has set its pricing and trading dates, Yahoo Finance reports. The new section directly below covers it; the November 12 update and the November 10 report follow unchanged.

## November 13: six times covered, and a date

The order book now has a number. Anthropic's IPO has drawn about **six times** as many orders as there are shares available, Bloomberg News reported on **November 12**, citing people familiar with the matter, according to Reuters' summary. Bankers told prospective investors that Anthropic will prioritise its existing backers, leaving some would-be buyers with smaller allocations than they expected. The details could still change, and Anthropic could not immediately be reached for comment.

The timetable is set too. Anthropic will price the offering on **Wednesday, November 18** and begin trading as ANT on **Thursday, November 19**, Yahoo Finance reported the company announced on November 12; Reuters also says trading is expected to start on November 19. That puts the debut two days after Nvidia's quarterly results on **Tuesday, November 17**, its first since [Jensen Huang resigned as chief executive](https://timesof.ai/2026/10/nyt-megaspeed-exec-chinese-intelligence-asset-jensen-huang). Reuters framed the two as twin tests for the AI trade, and Madison Investments strategist Patrick Ryan told it that a poor Anthropic debut would be "another cautionary sign that investors are getting a little bit more stressed with the AI trade."

### Limits of the November 13 update

- The six-times figure and the allocation guidance come from Bloomberg's unnamed sources, read via Reuters' summary on CNA. Orders at this stage are indications, not purchases.
- We did not find the pricing and trading dates on Anthropic's own news page; they come from Yahoo Finance, which says the company announced them, and from Reuters.

**Updated November 12, 2026:** Bloomberg reports the offering is already oversubscribed several times, and Anthropic's roadshow video adds detail on its compute. The new section directly below covers it; the November 10 report follows unchanged.

## November 12: the book fills and the roadshow makes its pitch

Demand does not look like the problem. Anthropic's IPO has drawn orders for **multiple times** the shares available, driven by so-called anchor-size indications of interest, Bloomberg reported on **November 11**, citing people familiar with the matter who said details could still change. Together with the private placement, Anthropic and its co-founders could raise as much as **$90.4 billion** at the top of the range, which Bloomberg says would make it the biggest listing ever, ahead of SpaceX's IPO.

Bloomberg also reported that some investors are offering part of their allocations to other buyers for a fee, cutting their exposure once trading starts, and that holders of pre-IPO stakes are marketing them through special purpose vehicles. Anthropic is holding investor events including a live-streamed session on **Friday** with Dario Amodei and JPMorgan Chase chief executive Jamie Dimon. Goldman Sachs and Morgan Stanley lead the deal with 20 other banks. Quartz, summarising Bloomberg, gives November 18 for pricing and November 19 for trading; Anthropic has still not announced those dates itself.

MarketWatch, citing the IPO paperwork, reports third-quarter revenue of **$16.9 billion**, up 46% from $11.5 billion in the second quarter, and a third-quarter **operating loss of $567 million** against operating income of $974 million a quarter earlier. MarketWatch's 46% is its rounding of those figures; our earlier reading of the amended S-1 put the same quarter at about **47%**, using $16,956 million and $11,555 million. That sets up a direct comparison with [OpenAI's first $10 billion quarter](https://timesof.ai/2026/10/openai-50b-annualized-revenue-vs-70b-signal), though the two have historically counted revenue differently.

The roadshow video makes a technical claim aimed at investors. Co-founder Tom Brown says Anthropic trains and serves Claude across four chip families, and that when it started using AMD GPUs this year, its Mythos model "got Claude running on AMD in just three days, with basically no human intervention," porting or writing "almost 100% of the kernels," according to a transcript published by developer Simon Willison. Brown says that kind of bring-up previously took dozens of engineers months. AMD is one of the seven suppliers buying stock in the placement, and Mythos is the model family behind [Anthropic's latest price cuts](https://timesof.ai/2026/11/anthropic-claude-fable-mythos-5-2-price-cut-cisco-ibm).

### Limits of the November 12 update

- The oversubscription, allocation trading and the Friday event come from Bloomberg's unnamed sources, read via The Economic Times' syndication and Quartz. "Multiple times" was not quantified, and orders at this stage are indications, not purchases.
- The quarterly figures are MarketWatch's reading of the filing; we did not read the amended S-1.
- The AMD claim is Anthropic's, made in a marketing video, and the transcript is Willison's own, not an official one. Brown does not say what "running" covered or what performance it reached.

Anthropic has given ground on the price but not on the timing. The range it set on Tuesday tops out at about **$1.4 trillion** on a fully diluted basis, below the roughly $1.5 trillion some investors had already pushed back on and well short of the $2 trillion once floated. Meanwhile seven chip and cloud companies, Google and Nvidia among them, have agreed to buy in at whatever price the offering clears.

## The terms

Anthropic said on **November 10** that it had launched the roadshow for its initial public offering of Class A common stock. The offering is **825,000,000 shares**: 801,351,354 sold by Anthropic and 23,648,646 sold by existing stockholders, whose proceeds go to them, not the company. Underwriters get a 30-day option to buy up to **123,750,000** more shares. The expected price is **$70 to $78** per share, and Anthropic has applied to list on the Nasdaq Global Select Market as **ANT**. The registration statement has been filed with the SEC but is not yet effective.

At those prices the 825 million shares come to **$57.75 billion to $64.35 billion**, TechCrunch calculated. Axios puts Anthropic's own share sale at up to about **$62.5 billion**.

The valuation depends on which shares are counted. Anthropic expects about **13.09 billion** shares of all classes outstanding after the offering, which Axios says works out to about **$1.03 trillion** at the top of the range. Counting stock options and other shares that could be issued, the fully diluted value is about **$1.4 trillion**, Axios reported; TechCrunch put it at $1.404 trillion and CNBC at up to $1.405 trillion. That compares with the **$965 billion** valuation Anthropic announced in its May funding round.

## The suppliers buying in

Alongside the IPO, Anthropic agreed to sell **$26 billion** of non-voting **Class N** stock in a private placement, at the IPO price, to **AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC**, CNBC and TechCrunch reported from the filing. Google and Nvidia are putting in **$10 billion** each, according to TechCrunch. The placement shares are not registered in the offering and are not subject to lock-up agreements with the underwriters, CNBC reported.

The buyers are chip, memory, manufacturing and cloud companies. Reuters said the arrangement underscores the increasingly intertwined financial ties underpinning the AI boom. Including the placement, Anthropic estimates net proceeds of **$84.6 billion to $93.7 billion**, the higher figure if underwriters take up the extra shares, TechCrunch reported.

## A retracted draft first

The range came a day after a misfire. Late on Monday, a representative of Anthropic sent bankers a copy of a filing that showed about **867 million** shares at **$70 to $80**, which would have raised **$69.3 billion** at the top, Reuters reported, citing emails it had seen. A follow-up email said the pricing details were inaccurate and that Anthropic would update the filing. Reuters could not determine what had been wrong, and Anthropic declined to comment. Tuesday's filing has fewer shares and a lower ceiling.

## The timetable and the book

Anthropic plans to price on **November 18** and begin trading on **November 19**, CNBC reported, citing people familiar with the details. The same people said Anthropic is targeting a retail allocation of about **20%**, against 5% to 10% for a typical IPO, and that the book is already covered at the range on an allocable basis. Anthropic has not announced those dates itself. Our earlier report on [The Wall Street Journal's account of a debut as soon as next week](https://timesof.ai/2026/10/anthropic-files-s1-nasdaq-ant-16-3b-revenue), and of investors pressing for a valuation below $1.5 trillion, now has a range to measure against.

## New numbers in the filing

The amended filing put Anthropic's run-rate revenue at about **$81 billion** at the end of October, roughly **$10 billion** more than a month earlier, CNBC and TechCrunch reported. Revenue for the nine months to September 30 was **$33.24 billion**, up about 1,200% from a year earlier, with a nine-month net loss of **$104 billion** that CNBC said was mostly due to changes in the fair value of convertible notes and derivative liabilities. TechCrunch reported compute and infrastructure commitments of **$900.9 billion** and nearly **$132 billion** in cash and short-term investments.

Public buyers will get limited say. The seven co-founders hold a Class F share with **50.1%** of the voting power and the Long-Term Benefit Trust elects a board majority, TechCrunch noted, a structure covered in [our report on the S-1's founder share](https://timesof.ai/2026/10/anthropic-s1-class-f-founder-control-ltbt).

## Limits

- The share counts, price range and listing venue come from Anthropic's announcement. The private placement, proceeds and filing figures are as reported by CNBC and TechCrunch; we did not read the amended S-1 itself.
- The November 18 and 19 dates, the 20% retail target and the covered book come from CNBC's unnamed sources. Anthropic has not confirmed them.
- The fully diluted valuation is reported as $1.4 trillion (Axios), $1.404 trillion (TechCrunch) and up to $1.405 trillion (CNBC); the gap reflects rounding and share-count assumptions we could not check against the filing.
- The retracted draft is Reuters' account of emails; Anthropic did not say what was inaccurate.
- A price range is not a price. The final offering price, size and valuation are set at pricing and can fall outside the range.

## Sources

- [Reuters via CNA: Anthropic's IPO is about six times oversubscribed, Bloomberg News reports (November 12, 2026)](https://www.channelnewsasia.com/business/anthropics-ipo-about-six-times-oversubscribed-bloomberg-news-reports-6547551)
- [Yahoo Finance: Anthropic IPO: Claude maker to begin trading on Thursday, Nov. 19 (November 12, 2026)](https://finance.yahoo.com/technology/article/anthropic-ipo-claude-maker-to-begin-trading-on-thursday-nov-19-173550865.html)
- [Reuters via Investing.com: Nvidia results, Anthropic IPO pose tests for tumultuous AI trade (November 13, 2026)](https://www.investing.com/news/stock-market-news/nvidia-results-anthropic-ipo-pose-tests-for-tumultuous-ai-trade-5024815)

- [Anthropic: Anthropic launches roadshow for proposed initial public offering (November 10, 2026)](https://www.anthropic.com/news/roadshow-launch)
- [Anthropic on X: roadshow announcement (November 10, 2026)](https://x.com/AnthropicAI/status/2120117722230968385)
- [CNBC: Anthropic sets IPO price range of $70 to $78, looks to start trading Nov. 19, sources say (November 10, 2026)](https://www.cnbc.com/2026/11/10/anthropic-sets-price-range-of-70-to-78-in-upcoming-ipo.html)
- [TechCrunch: Anthropic sets IPO price range of $70 to $78 per share to reach an implied valuation of $1.404 trillion (November 10, 2026)](https://techcrunch.com/2026/11/10/anthropic-sets-ipo-price-range-of-70-to-78-per-share-to-reach-an-implied-valuation-of-1-404-trillion/)
- [Axios: Anthropic seeks to be valued at more than $1 trillion (November 10, 2026)](https://www.axios.com/2026/11/10/anthropic-ipo-terms)
- [Reuters via CNA: Anthropic's nearly $70 billion IPO plan briefly circulated to banks, then retracted (November 9, 2026)](https://www.channelnewsasia.com/business/exclusive-anthropics-nearly-70-billion-ipo-plan-briefly-circulated-banks-then-retracted-6537751)
- [The Economic Times (Bloomberg): Anthropic's IPO is said to be multiple times oversubscribed (November 11, 2026)](https://m.economictimes.com/markets/us-stocks/news/anthropics-ipo-is-said-to-be-multiple-times-oversubscribed/amp_articleshow/135743507.cms)
- [Quartz: Anthropic's IPO is said to be multiple times oversubscribed as roadshow gets under way (November 11, 2026)](https://qz.com/anthropic-ipo-oversubscribed-roadshow-demand-111126)
- [MarketWatch via Morningstar: Anthropic's IPO roadshow kicks off, and the big money is already lining up (November 11, 2026)](https://www.morningstar.com/news/marketwatch/20261111138/anthropics-ipo-roadshow-kicks-off-and-the-big-money-is-already-lining-up)
- [Simon Willison: Anthropic's IPO roadshow video (November 11, 2026)](https://simonwillison.net/2026/Nov/11/anthropic-ipo-roadshow/)