November 11 — According to people familiar with the matter, IPO subscription orders for AI company Anthropic PBC have reached several times the number of shares available for issuance, with investor demand continuing to heat up. The deal is expected to become the largest IPO in history.

Demand is primarily driven by large cornerstone investment intentions. Documents show that Anthropic, the developer of the Claude chatbot, and its co-founders plan to raise up to $90.4 billion through the IPO and a private placement, a combined scale set to surpass SpaceX's IPO and become the largest listing transaction in history. The people familiar with the matter said the specific IPO arrangements may still be adjusted.

Anthropic is drumming up subscription demand through a series of events for potential investors, including an online livestream scheduled for Friday, where CEO Dario Amodei will appear alongside JPMorgan CEO Jamie Dimon.