Anthropic IPO Oversubscribed Sixfold as Google and Nvidia Commit $10 B Each

Anthropic's initial public offering has drawn roughly six times more orders than there are shares available, Bloomberg reported on Thursday, citing people familiar with the matter. The Claude developer is selling 825 million shares at $70 to $78 apiece and plans to list on the Nasdaq under the ticker ANT. It is expected to price on Nov. 18 and begin trading on Thursday, Nov. 19. Including a $26 billion private placement, the deal could raise about $90.4 billion, and the target valuation is around $1.4 trillion.

The private placement is where the strategic money sits. Seven firms agreed to buy a combined $26.0 billion of stock at the IPO price, and GOOGL Alphabet's Google and NVDA Nvidia each account for about $10 billion of it. According to the amended filing, Google's purchase uses an option from a March 2026 financing agreement, and AMD's $2.5 billion counts toward a $5.0 billion stock commitment tied to its Helios supply deal, while Nvidia's check carries no such link. At the $74 midpoint, Nvidia's $10 billion buys about 135 million shares, roughly 1% of the 13.1 billion shares expected outstanding. AMZN Amazon shares gained as the IPO put a value of about $271.8 billion on its stake, and a Reuters calculation cited on X puts the combined Amazon and Google stakes at about $411 billion if the deal prices at the top of the range.

The fundamentals behind the demand are steep growth and a narrow path to profit. Revenue reached $33.2 billion in the first nine months of 2026, up from $2.5 billion a year earlier, and the annualized run rate rose to $81 billion in October from $71 billion in September. Anthropic turned profitable on an adjusted operating basis in the second quarter and stayed positive in the third, but on a GAAP basis it posted an operating loss of $1.26 billion through September, and it has about $900 billion of future spending commitments, mostly for computing infrastructure, with about $70 billion due over the next year. CNBC's Jim Cramer argued the company has to keep growing rapidly to outrun those costs.

Two other items sit alongside the order book. Each of Anthropic's seven cofounders plans to sell about $250 million of stock in the offering while keeping a stake of roughly 1.4%, and together they own about 10% of the company. Separately, Reuters reported that Anthropic and OpenAI were sued by inventors alleging infringement of neural network patents. Investors will watch where the deal prices against the $70 to $78 range on Nov. 18, how allocations are cut back given the oversubscription, and how the stakes held by Alphabet, Nvidia and Amazon are marked once ANT trades.