Anthropic’s IPO draws about six times more orders than shares on offer as Nvidia and Alphabet commit $10 billion each

Anthropic’s initial public offering is said to be about six times oversubscribed¹.

The offering has drawn multiple times the orders for the shares on offer^3,9.

Nvidia and Alphabet have agreed to buy $10 billion each of Anthropic stock at its IPO price⁴.

Google’s purchase uses up, in full, an option it holds under a March 2026 financing agreement, funding part of an investment it had already committed⁴.

The company is targeting a fully diluted valuation of about $1.4 trillion, below where some investors expected it to settle¹.

A day earlier, bankers were reported to be preparing to raise the valuation to $1.5 trillion or more, above the $1.4 trillion ceiling².

The scale of demand points to strong interest from investors despite the turmoil in AI stocks this week^3,9.

Who is buying

Anthropic is seeking to raise more than $90.4 billion⁵.

The investors buying in include Google, Nvidia, Advanced Micro Devices, Broadcom, Micron Technology, Microsoft and TSMC Partners⁵.

The company also plans to raise $26 billion from big investors including Google, AMD and TSMC⁷.

TSMC has approved an investment plan of up to $1 billion in Anthropic and OpenAI^7,8.

That is cash invested in the customer, unlike the warrants AMD gave OpenAI⁸.

Anthropic’s founders are selling $1.75 billion of shares in the offering².

Google, Nvidia and TSMC Partners are among the investors buying shares in the offering⁵.

Why it matters to investors

Nvidia’s $10 billion pledge is in focus after the exit of its chief executive³.

Anthropic was initially projected to come to market at a valuation as high as $2 trillion, but turmoil in AI stocks has knocked that figure lower⁶.

The order book suggests demand for the largest AI listing has held up despite that turmoil^1,3.

TSMC’s stake means the chip foundry is buying into its own customers⁸.

The stock is due to begin trading on Thursday, 19 November⁶.

Investors will watch the final pricing against the $1.4 trillion target and whether bankers raise it^1,2.

Bankers’ decisions on the final price will show whether they move toward the $1.5 trillion level that was reported to be under consideration^1,2.