Anthropic IPO order book six times oversubscribed, but investors question its AI lead, Reuters reports

Institutional demand for Anthropic's initial public offering is outpacing the early days of SpaceX's roadshow, Reuters reports, citing people familiar with the offerings, in an exclusive carried by IEX. The IPO drew about two times the orders for available shares by the end of Tuesday, the first day of the roadshow, and the book was six times oversubscribed by the end of Thursday, one person said. Anthropic is expected to price the $64 billion deal next Wednesday. The people said details could change, and Anthropic declined to comment.

Investors are weighing whether Anthropic can keep its lead as rivals such as Google catch up, and whether Claude can extend its strength beyond coding to knowledge workers, according to the report. One investor who attended a roadshow meeting said the company had not given detailed answers to some questions, and another said one group meeting did not include a dial-in for questions.

Banks estimate Anthropic's 2028 revenue at around $270 billion to $280 billion, the key figure in valuation models, two people told Reuters. Some sell-side projections put revenue at about $52 billion to $53 billion in 2026 and $135 billion to $137 billion in 2027, while one investor who decided not to take part has a 2028 outlook about 30% below the sell-side estimate.