The 6x subscription figure is making the rounds. It refers to demand for the offering—not how many times your money might grow if you get shares.
Bloomberg, citing people familiar with the matter, reported that orders were roughly six times the number of shares available for sale, and that existing shareholders would also receive priority allocations. The same report said offering details, including the subscription volume, could still change. When Reuters repeated the report, the company did not immediately respond. This is news from the roadshow, not the final pricing—and certainly not a completed listing.
The plan the company announced on November 10 was to issue 825 million Class A shares at a price range of $70 to $78, and apply to list on Nasdaq under the ticker ANT. Of those, the company itself would sell about 801 million shares, while existing shareholders would sell another roughly 23.65 million. Proceeds from the existing shareholders’ share sales will not go to the company. At the top of the range, $78, the total value of the public offering would be about $64.4 billion—not all of which can be counted as money newly raised by the company.
The prospectus also includes a $26 billion private placement, which is separate from the public offering. Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and an affiliate of TSMC have agreed to buy non-voting shares at the offering price, after the listing is completed and subject to certain conditions. Based on the midpoint price of $74, the prospectus estimates that Google and Nvidia would each invest about $10 billion. These shares are not part of the public offering, and the deal has not closed yet.
This is the part I’m more interested in: companies that provide Anthropic with computing capacity, chips, and cloud services are also becoming its shareholders. The financial ties are getting tighter, but this investment itself is not new revenue, and it certainly shouldn’t be treated as a chip order. We still need to see where Anthropic spends the money and whether that investment can turn into revenue. The same financing shouldn’t be counted repeatedly as good news at different points along the supply chain.
A 6x subscription rate also doesn’t mean there will still be six times as much money waiting to chase the stock after it lists. Subscribing for shares and seeing what price buyers are willing to pay on the secondary market are two different things. We still don’t know how much the final price will be raised, how many shares each investor will get, or whether those who don’t get an allocation will be willing to buy afterward.
The company’s IPO page currently says that, subject to regulatory clearance, pricing is expected on November 18 and trading is expected to begin on November 19, U.S. Eastern Time. The company also explicitly says that placing an order does not guarantee you will receive all—or any—of the shares you request. The allocation results are expected to appear in brokerage accounts on the opening day, November 19.
If you’re planning to subscribe, first check your broker’s subscription rules and make sure your funds are in order. Check the final price on the 18th and your actual allocation on the 19th. Don’t use leverage to buy chip stocks as a substitute before you even know whether you got an allocation.
#Anthropic IPO subscription demand reaches about 6x, potentially setting a record for IPO fundraising
#Anthropic refuses to delay its IPO—what valuation will the roadshow this week bring?
$NVDAB
Bloomberg, citing people familiar with the matter, reported that orders were roughly six times the number of shares available for sale, and that existing shareholders would also receive priority allocations. The same report said offering details, including the subscription volume, could still change. When Reuters repeated the report, the company did not immediately respond. This is news from the roadshow, not the final pricing—and certainly not a completed listing.
The plan the company announced on November 10 was to issue 825 million Class A shares at a price range of $70 to $78, and apply to list on Nasdaq under the ticker ANT. Of those, the company itself would sell about 801 million shares, while existing shareholders would sell another roughly 23.65 million. Proceeds from the existing shareholders’ share sales will not go to the company. At the top of the range, $78, the total value of the public offering would be about $64.4 billion—not all of which can be counted as money newly raised by the company.
The prospectus also includes a $26 billion private placement, which is separate from the public offering. Google, Nvidia, AMD, Broadcom, Micron, Microsoft, and an affiliate of TSMC have agreed to buy non-voting shares at the offering price, after the listing is completed and subject to certain conditions. Based on the midpoint price of $74, the prospectus estimates that Google and Nvidia would each invest about $10 billion. These shares are not part of the public offering, and the deal has not closed yet.
This is the part I’m more interested in: companies that provide Anthropic with computing capacity, chips, and cloud services are also becoming its shareholders. The financial ties are getting tighter, but this investment itself is not new revenue, and it certainly shouldn’t be treated as a chip order. We still need to see where Anthropic spends the money and whether that investment can turn into revenue. The same financing shouldn’t be counted repeatedly as good news at different points along the supply chain.
A 6x subscription rate also doesn’t mean there will still be six times as much money waiting to chase the stock after it lists. Subscribing for shares and seeing what price buyers are willing to pay on the secondary market are two different things. We still don’t know how much the final price will be raised, how many shares each investor will get, or whether those who don’t get an allocation will be willing to buy afterward.
The company’s IPO page currently says that, subject to regulatory clearance, pricing is expected on November 18 and trading is expected to begin on November 19, U.S. Eastern Time. The company also explicitly says that placing an order does not guarantee you will receive all—or any—of the shares you request. The allocation results are expected to appear in brokerage accounts on the opening day, November 19.
If you’re planning to subscribe, first check your broker’s subscription rules and make sure your funds are in order. Check the final price on the 18th and your actual allocation on the 19th. Don’t use leverage to buy chip stocks as a substitute before you even know whether you got an allocation.
#Anthropic IPO subscription demand reaches about 6x, potentially setting a record for IPO fundraising
#Anthropic refuses to delay its IPO—what valuation will the roadshow this week bring?
$NVDAB