Anthropic’s $90B IPO Is 6× Oversubscribed—Could It Be the Biggest Listing Ever?
Anthropic, the San Francisco-based creator of the Claude AI model, is on track for what could be the largest stock market debut in history. Its IPO order book is reportedly six times oversubscribed, according to Bloomberg.
The company is offering 825 million Class A shares at $70 to $78 each, targeting up to $64.4 billion through the IPO. A concurrent $26 billion private placement would bring the combined fundraising target to approximately $90.4 billion.
That total would eclipse the previous record set by SpaceX’s IPO earlier this year. Final pricing is planned for November 18, with shares scheduled to begin trading on the Nasdaq Global Select Market on November 19 under the ticker symbol ANT.
The listing would value Anthropic at approximately $1.4 trillion and make it the first major standalone frontier AI lab to go public.
Investor demand is underpinned by explosive revenue growth. Anthropic reported $33.2 billion in revenue during the first nine months of 2026, compared with $2.5 billion over the same period last year. However, Wall Street forecasters warn that the company could burn through more than $65 billion next year alone as it races to build AI compute infrastructure.