Reuters reported on November 13, 2026, that Anthropic’s initial public offering was six times oversubscribed by the roadshow’s third day, as investors assessed whether Claude can withstand competition from Google and other rivals.
People familiar with the offerings said orders amounted to about twice the shares available by the end of the roadshow’s first day, with the book six times oversubscribed two days later and institutional interest outpacing the early days of SpaceX’s roadshow. They cautioned that demand and other IPO details could change.
Bankers and investors called the early demand impressive for an offering of this size and said they expected the order book to grow substantially. Anthropic declined to comment on the reported demand.
Offering Terms and Schedule
The roadshow is scheduled to run through November 18, 2026, when the $64 billion deal is expected to price. Anthropic and its investment banks are meeting prospective investors in New York, Boston and San Francisco to gauge demand.
Anthropic launched the roadshow on November 10, 2026, for a proposed offering of 825 million Class A shares at an expected $70 to $78 per share. Underwriters are expected to receive a 30-day option for up to 123.75 million additional shares. Anthropic has applied to list on the Nasdaq Global Select Market, and the offering’s registration had not yet become effective when the terms were announced.
Claude’s Competitive Position
Reuters reported that investors are testing two parts of Anthropic’s investment case: its ability to stay ahead in advanced AI models as Alphabet’s Google and other rivals close the gap, and Claude’s potential to expand from coding into broader knowledge-work uses. The debate extends to how many companies the market can sustain at the top and whether comparable rival models could erode Anthropic’s premium pricing.
One investor who attended a roadshow meeting said Anthropic had not provided detailed answers to some questions. That limited disclosure has added to caution among some investors about a high-valuation offering during a broader shakeout in the AI sector.
One attendee said a group meeting lacked a conference call for institutional investors to dial in and ask questions, a departure from standard practice, and that Goldman Sachs and Morgan Stanley representatives largely read prepared remarks rather than solicit questions. Morgan Stanley declined to comment, while Goldman Sachs did not immediately respond.
Revenue Forecasts Drive the Valuation Debate
Banks are anchoring valuation models to projected 2028 revenue of approximately $270 billion to $280 billion, according to two people familiar with the projections. The models apply enterprise-value-to-revenue multiples, which compare a company’s value with expected sales, to arrive at valuation estimates.
One person familiar with the projections cited sell-side projections of roughly $52 billion to $53 billion in 2026 revenue and $135 billion to $137 billion in 2027. Separately, an investor who placed an order in the IPO said certain buy-side forecasts were 10% to 15% higher for those years. An investor who conducted due diligence but decided not to participate used a 2028 outlook about 30% below the sell-side estimate, illustrating the spread in assumptions.
SpaceX and cybersecurity company CrowdStrike are among the valuation benchmarks, one person familiar with the projections said. The valuation models for Anthropic focus on 2028 revenue, whereas SpaceX’s case relied on projected 2029 revenue that some investors viewed as particularly aggressive.
The early subscription figures establish strong demand for the shares; the unresolved valuation question is whether Claude can maintain its competitive position and premium pricing strongly enough to support revenue assumptions through 2028.
