01. What happened

Anthropic’s initial public offering has drawn about six times more investor orders than there are shares to sell, Reuters reported on Saturday, putting the maker of the Claude AI assistant on course for what would be the biggest first-time share sale in history.

People familiar with the offering told Reuters the order book was about twice oversubscribed by the end of Tuesday, the first day of the roadshow, and had grown to six times the shares on offer by the end of Thursday. The demand has outpaced the early days of SpaceX’s IPO roadshow, which reached two times oversubscribed by the end of its second day.

02. The size of the deal

Anthropic is offering 825 million shares at between $70 and $78 each, seeking to raise as much as $64.4 billion. At the top of the range, the company would be valued at about $1.4 trillion on a fully diluted basis. A further $26 billion private placement would take the combined fundraising to about $90.4 billion.

The roadshow runs through Wednesday 18 November, when the deal is expected to be priced. Trading is scheduled to begin the next day on the Nasdaq under the ticker ANT. Goldman Sachs and Morgan Stanley are leading the offering, with 20 other banks involved.

03. Why investors are piling in

Anthropic’s filings show its revenue run rate reached $81 billion at the end of October, up from $71 billion a month earlier. It reported revenue of $33.2 billion for the first nine months of 2026. Banks working on the deal estimate its 2028 revenue at roughly $270 billion to $280 billion.

Some investors are still asking whether Anthropic can hold its lead in AI models against Google and OpenAI, and whether Claude can grow beyond coding, where it is strongest. Anthropic declined to comment on the demand figures, and the people familiar with the matter said details of the offering could still change before pricing.

04. What happens next

Bankers have told prospective investors that existing backers will get priority, and that some buyers will receive smaller allocations than they asked for. Pricing on Wednesday will show whether the sixfold demand holds at the top of the $70–$78 range, and whether the biggest AI listing yet lives up to its billing when trading starts on Thursday.

Sources: Reuters, BusinessDay, The Curtain. Demand figures are based on people familiar with the offering; Anthropic declined to comment.