Anthropic's IPO is roughly six times oversubscribed, pointing to a valuation of up to $1.41 trillion in one of history's largest public offerings.

The company, which makes the Claude AI model, priced its stock between $70 and $78 per share earlier this week. It seeks to raise around $64 billion through the IPO and an additional $26 billion through a private placement, according to Bloomberg. The combined $90.4 billion would surpass the amount raised by SpaceX's debut in June, making it the largest IPO on record.

The offering includes 825 million shares. Private placement commitments come from Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC, with Google and Nvidia each agreeing to invest $10 billion. Bankers have told potential investors that Anthropic will prioritize existing backers, with some buyers receiving fewer shares than expected. The company plans to list on the Nasdaq Global Select Market under the ticker "ANT" later this month, with reports indicating a target date of 19 November.

Anthropic's last funding round earlier this year valued it at $965 billion. The company reported first-half revenue of nearly $16.3 billion, up from $1.1 billion a year earlier. Its operating loss fell to $693 million from $2.1 billion, though net loss reached $80.7 billion due to accounting adjustments.

Anthropic has committed to spending at least $45 billion with Microsoft between November 2026 and May 2033. It has also agreed to spend $114.5 billion with Google, $110 billion with Amazon and up to $120.5 billion with SpaceX over several years.

On Friday, Chief Executive Dario Amodei and JPMorganChase Chief Executive Jamie Dimon hosted a livestreamed event for prospective investors. Founded in 2021 by former OpenAI employees, Anthropic launched updates to its Fable and Mythos models on 9 November and office tools on 10 November. It will assign at least five percent of its shares to an entity dedicated to donations for the public good.

Reports note that the demand is noteworthy given recent questions about AI companies' massive chip and datacenter costs and the sustainability of the AI boom. Details of the offering, including demand for shares, could still change.