The AI feast is not over yet! Anthropic (ANT.US) IPO is six times oversubscribed and is expected to surpass SpaceX to become the "largest IPO in history."

Anthropic PBC (ANT.US)'s initial public offering has drawn orders for roughly six times the number of shares available, according to people familiar with the matter, as interest builds in what is poised to be the largest IPO ever. The Claude AI model company and its co-founders plan to raise as much as $64.4 billion in the IPO and another $26 billion through a private placement, according to a prospectus. Combined, the offering would surpass SpaceX (SPCX.US)'s IPO as the largest listing of all time. Underwriters have told potential investors that Anthropic will prioritize existing backers, with some prospective buyers set to receive smaller allocations than they had expected, some of the people said. Details of the IPO, including demand for the shares, could still change, the people said, asking not to be identified because the information isn't public. A representative for Anthropic didn't immediately respond to a request for comment. The enthusiastic reception for Anthropic shares contrasts with investors' current cooling attitude toward NVIDIA Corporation (NVDA.US), after reports that NVIDIA Corporation Chief Executive Officer Jensen Huang was removed from his post amid multiple extramarital affair allegations. The chipmaker has agreed to buy about $10 billion of Anthropic shares in the $26 billion private placement running alongside the IPO, Anthropic's prospectus shows. Anthropic views NVIDIA Corporation as a strategic partner and has committed tens of billions of dollars to related deals to secure supply of its most advanced chips. Anthropic is stoking IPO demand through a series of roadshow events for potential investors, including a livestreamed event Friday featuring Chief Executive Officer Dario Amodei and JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon, one of the people said. The company is targeting a fully diluted valuation of about $1.4 trillion, below some investors' expectations, according to reports. Still, many companies adopt conservative pricing when they formally launch their roadshows, hoping that strong subscription demand will push up the final price and ensure a strong first-day performance. The filing Anthropic disclosed Tuesday also corroborates the growth logic of AI compute investment the company's revenue keeps climbing. As of Oct. 31, the company's annualized revenue was $81 billion, up $10 billion from the end of September, the filing shows. Anthropic's annualized revenue was $65 billion at the end of July, according to prior reports. The company defines the metric as annualizing usage-based revenue over the past 28 days plus single-month subscription revenue. Separately, some investors are transferring portions of their Anthropic IPO allocations to other potential backers so they can collect extra fees and reduce risk before trading begins, while other investors holding pre-IPO shares are marketing those shares to buyers through special purpose vehicles, reports said. Goldman Sachs Group, Inc. and Morgan Stanley are leading the IPO, with 20 other banks participating as underwriters, the filing shows. The stock is expected to trade on the Nasdaq Global Select Market under the ticker ANT.