Anthropic IPO demand reportedly exceeds available shares

Anthropic’s proposed initial public offering has drawn orders for several times the number of shares available, according to a report citing people familiar with the offering, as the company prepares a public sale and a separate private placement that could raise up to $90.4 billion combined.

The reported demand has been driven by large, anchor-style expressions of interest from prospective investors. The figures have not been made public, and the account relies on unnamed sources; Anthropic has not announced a final price or allocation. The proposed terms remain preliminary and could change.

An amended registration statement calls for 825 million public shares priced at $70 to $78 each. That total includes about 801.4 million newly issued shares and 23.6 million shares to be sold by existing shareholders. Anthropic would not receive proceeds from those secondary sales. At the top of the proposed range, the public offering alone could raise about $64.35 billion before costs.

Separately, seven technology companies have committed to buy $26 billion in nonvoting Class N shares at the final IPO price, according to the filing. The named participants are Google, Nvidia, Advanced Micro...