Anthropic’s IPO has drawn orders for roughly six times as many shares as it’s selling, according to Bloomberg. The orders came in after Tuesday’s filing put Anthropic’s revenue run rate at $81 billion as of October 31, $10 billion higher than a month earlier. Bankers have told prospective buyers that Anthropic will put its existing investors first, which means some newcomers will get less stock than they’re counting on. Some investors who landed allocations are already reselling part of them to other buyers for a fee, which cuts their risk before trading starts. All that demand comes at a fully diluted valuation target of about $1.4 trillion, which was lower than some investors had expected. However, companies often set early terms conservatively so that strong orders can lift the final price.
