Demand that exceeds supply
Investor demand for Anthropic's future listing has reached about six times the number of available shares. That is according to Bloomberg, cited by IT之家, referencing orders already collected. The figure signals very high interest, but it does not yet amount to a definitive allocation: with demand so far above supply, some of those who submitted orders may receive fewer shares than expected.
According to sources close to the deal cited in the material, the banks handling the placement have told some investors that the company intends to prioritize existing shareholders. For new investors, access to the requested allocation could therefore be reduced. These are indications reported by the press, not official communications from the company.
Deal size and valuation
The filed documents indicate that Anthropic and its co-founders aim to raise up to $64.4 billion with the IPO. The deal is accompanied by a $26 billion private placement, for a maximum total of $90.4 billion. The target valuation, calculated on a fully diluted basis, is about $1.4 trillion: a level that, according to reports, remains below the expectations of some investors.
The private placement is expected to include a significant commitment from Nvidia, which according to the documents would subscribe to about $10 billion in Anthropic shares. Nvidia is also described as an important strategic partner of the company. The involvement of a computing infrastructure supplier in a financial transaction of this scale is one of the elements the market will watch closely, but the material does not clarify what constraints or consideration accompany the investment.
Stated growth and points to be verified
In the documentation filed on November 10, Anthropic indicated that as of October 31 its annualized revenue run rate had reached $81 billion, an increase of $10 billion from the end of September. The company specifies, however, that this is a metric calculated by annualizing recent revenue from consumer services and subscriptions: it therefore does not correspond to revenue actually generated over the full year.
The difference between this measure and consolidated revenue is the main point to clarify in assessing the soundness of the figures presented. The material does not provide revenue already recognized or margins, and does not indicate whether the metric has been verified by auditors. The final share price, the exact number of shares offered, and the timing of the placement also remain to be confirmed. To increase visibility on the deal, CEO Dario Amodei and JPMorgan Chase chief Jamie Dimon are scheduled on November 13 for a streamed event aimed at potential investors.
