A smartphone displaying the logos of OpenAI and Anthropic is
A smartphone displaying the logos of OpenAI and Anthropic is pictured in front of computer hardware featuring RGB lighting in Tunis,Tunisia on November 1,2026. Illustrating the growing competition between the two US artificial intelligence companies in the race to develop increasingly powerful AI models. Imen Ben Youssef / Hans Lucas/Getty Images

Investors have put in orders for about six times the shares on offer in Anthropic's initial public offering, Bloomberg News reported on Thursday. That was the same day Nvidia, which is set to buy roughly US$10 billion of Anthropic stock alongside the deal, said its chief executive Jensen Huang was leaving.

The Claude developer is selling 825 million Class A shares at US$70 to US$78 each, according to the amended registration statement it filed with the US Securities and Exchange Commission on November 10. At the top of the range that comes to about US$64.4 billion. Anthropic is selling 801.4 million of those shares itself. Existing shareholders are selling the other 23.6 million, and the company gets none of that money.

Bloomberg cited people familiar with the matter and cautioned that the details, including demand, could still change. Bankers have told prospective investors that Anthropic will give priority to existing backers, so some would-be buyers will get smaller allocations than they expected, the report said.

At six times covered, a perfectly even split would fill about one dollar in every six ordered. Putting existing backers first means newcomers will get less than that.

The order book is only part of the money. Another US$26 billion comes from a private placement of non-voting Class N shares, priced at the IPO price and running alongside the offering. At the US$74 midpoint, Google and Nvidia each take about US$10 billion of it. AMD, Broadcom, Micron, Microsoft and TSMC take the rest. Together the two sales come to about US$90.4 billion. That beats the roughly US$85.7 billion SpaceX raised in June, the largest IPO on record. On its own, though, the public offering would be smaller than SpaceX's.

Nvidia's role in that placement makes the timing awkward. The chipmaker said on Thursday that Huang had stepped down with immediate effect after reports of extramarital affairs, and named chief financial officer Colette Kress as interim CEO. Its shares fell about 3% on Friday. Nvidia had already lost nearly US$1.4 trillion in market value between its October record and early November, as investors questioned AI spending.

The price range values Anthropic at up to about US$1.4 trillion on a fully diluted basis, Reuters reported. That is below the US$2 trillion some backers had floated earlier in the year.

Anthropic expects to price the offering on November 18. Trading on the Nasdaq under the ticker "ANT" is scheduled to start the next day.

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