Bloomberg reported today that subscription orders for Anthropic's upcoming IPO have surged to about six times the number of available shares. With demand outstripping supply, some potential investors may not receive the allocation they expect—the underwriting banks have signaled that existing shareholders will be prioritized, while newcomers will likely have their orders scaled back.
A $64.4 Billion Plus $26 Billion Financing PackageThe prospectus outlines a staggering scale: the company, together with its co-founders, plans to raise up to $64.4 billion (about RMB 430.5 billion) through the IPO, alongside a $26 billion private placement. Combined, the two could take in up to $90.4 billion. On a fully diluted basis, the target valuation is about $1.4 trillion (about RMB 9.36 trillion), which, though slightly below some investors' earlier expectations, is still an astronomical figure.
Nvidia Enters with $10 Billion; CEO Livestreams to Build HypeThe most intriguing player is Nvidia. It plans to subscribe for about $10 billion (about RMB 66.851 billion) in the $26 billion private placement, and it is itself a key strategic partner of Anthropic. At the same time, Anthropic CEO Dario Amodei will appear in a livestream with JPMorgan CEO Jamie Dimon on November 13 to further stoke the listing. Operating data is also fueling the excitement: on November 10, it disclosed that as of October 31 its revenue run rate had reached $81 billion, $10 billion more than at the end of September—though this is annualized from recent subscription and consumption spending, not actual full-year revenue already in hand.
