Anthropic IPO Multiple Times Oversubscribed, Plans to Raise $90.4 Billion via Listing and Private Placement

Anthropic is currently seeking a fully diluted valuation of approximately $1.4 trillion, lower than some investors had previously expected. A lower starting valuation for the offering helps attract substantial capital while leaving room for underwriters to adjust final terms based on order demand.

However, the figures currently disclosed represent indications of interest, and the final offering size and pricing may still change. Some companies adopt relatively conservative terms in the early stages of a roadshow, later raising the offering price or increasing the number of shares based on demand.

Market conditions have also improved. When AI stocks sold off last week, the Cboe Volatility Index (VIX) briefly broke above 25, but it has since fallen back below 20. A positive earnings outlook from CoreWeave (CRWV) further supported a rebound in the AI sector, creating favorable conditions for Anthropic to advance its offering.

Behind the strong subscription demand, a more critical underpinning comes from business growth. As of October 31, Anthropic's revenue run rate reached $81 billion, up $10 billion from the end of September, representing an increase of about 14.1%; this metric stood at $65 billion at the end of July.

The company annualized its usage-based revenue over the past 28 days and its single-month subscription revenue separately to calculate this metric. It reflects recent business scale rather than realized full-year revenue. Based on the $81 billion run rate, a $1.4 trillion fully diluted valuation corresponds to roughly 17.3 times annualized revenue.

The revenue growth indicates that customer usage of Claude is translating into greater paid demand, providing a basis for investors to evaluate the commercial returns on massive AI investments. If this growth continues, the revenue multiple corresponding to the same valuation will decline further.

Meanwhile, some investors are transferring portions of their IPO allocations to other buyers to collect fees and reduce their post-listing risk exposure. This indicates that strong subscription interest and cautious risk management coexist. For Anthropic, robust order books have enhanced its pricing power for the offering; whether it can sustain its valuation after going public will depend more heavily on continuous improvements in revenue growth and profitability.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.