Anthropic could become the largest IPO in history. Orders for its shares are already several times the number on offer, and Morningstar calls the announced price range attractive. The Claude developer now has solid grounds to raise more money than SpaceX did in June.
TL;DR
- Orders for Anthropic shares are several times the number on offer.
- Morningstar puts the fair value of an ANT share at 92 USD.
- At 92 USD the IPO and the private placement could raise 113.29 billion USD, above the 85.7 billion USD SpaceX raised.
Last updated: 12 November 2026
This post covers what drives demand for the Anthropic IPO and at what price it tops the SpaceX record. The filed terms are in our post on the Anthropic IPO date, and the full story of the listing is in our Anthropic IPO guide.
Demand Puts Anthropic on Course for the Largest IPO in History
Only recently investors pushed for a lower Anthropic valuation, as covered in our post on the Anthropic IPO valuation. Now buyers compete for the shares. According to Bloomberg on 11 November, orders are already several times the shares on offer. Large orders from potential anchor investors drove much of this. The exact oversubscription is not disclosed yet, and the interest clearly goes well beyond simply filling the order book.
A Morningstar report of 12 November added another argument for the deal. Its analysts called the shares undervalued within the 70 to 78 USD range. They put the fair value of one share at 92 USD, equal to about 1.7 trillion USD for the whole company. That is about 24% above the middle of the range, 74 USD, and 18% above its top.
Morningstar links the modest starting price to the market’s general caution about AI stocks. In its view the company’s own prospects support a higher value. The analysts expect business clients to keep adopting Claude models at a fast pace.
Anthropic vs SpaceX: Which IPO Raises More
The main benchmark for the market is the record SpaceX IPO in June. Elon Musk’s company raised 75 billion USD, and after the banks exercised their option to buy extra shares the total grew to 85.7 billion USD, Reuters reported. Our post on the SpaceX IPO covers that listing.
Anthropic has every chance to beat this result. Two prices show it: 78 USD, the top of the range, and 92 USD, the Morningstar estimate.
Even at 78 USD the IPO and the private placement together reach 90.35 billion USD without the banks’ option, more than the final 85.7 billion USD of SpaceX. If the banks exercise the option in full, the total comes to about 100 billion USD.
If the IPO price rises to 92 USD, Anthropic can also beat SpaceX by the size of the public IPO alone. With the option exercised in full it comes to 87.29 billion USD, and together with the private placement the total reaches 113.29 billion USD.
| Deal | Public IPO, billion USD | IPO with the full option, billion USD | Total with the private placement, billion USD |
|---|---|---|---|
| SpaceX, June 2026 | 75.0 | 85.7 | 85.7 |
| Anthropic at 78 USD | 64.4 | 74.0 | 90.4 to 100.0 |
| Anthropic at 92 USD | 75.9 | 87.3 | 101.9 to 113.3 |
Anthropic: 825 million shares, an option for 123.75 million more and a 26 billion USD private placement, gross amounts before fees. The lower total is without the option, the upper one with it in full. SpaceX had no private placement in this comparison.
So Anthropic can top SpaceX by the total money raised even on the current terms. If strong demand lets the banks lift the share price well above the range, the company would also hold the record for the size of the public offering itself.
Conclusion
Strong demand and the Morningstar estimate give Anthropic arguments for a price above the range. Morningstar expects pricing on 18 November. At the top of the range the company already beats SpaceX by the total raised, and from about 91 USD a share the public IPO alone would set a new record.
FAQ
What is the largest IPO in history?
The record belongs to SpaceX, which raised 75 billion USD in its June 2026 IPO and 85.7 billion USD after the banks exercised their option to buy extra shares. Anthropic could top it in November.
How much could the Anthropic IPO raise?
At 78 USD, the top of the range, the IPO and the 26 billion USD private placement together bring 90.35 billion USD, or about 100 billion USD with the banks’ full option. At 92 USD the total could reach 113.29 billion USD.
What is Morningstar’s fair value for Anthropic stock?
Morningstar puts the fair value of an Anthropic share at 92 USD, equal to about 1.7 trillion USD for the company. That is about 24% above the middle of the 70 to 78 USD IPO range.
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