Key facts
- Anthropic's roadshow is scheduled to run through Wednesday, November 18, 2026, when the company is expected to price the $64 billion deal.
- Anthropic and its banks are meeting investors in New York, Boston and San Francisco, three people familiar with the matter said.
- Banks estimate Anthropic's 2028 revenue at around $270 billion to $280 billion, two people familiar with the projections said.
- Some sell-side projections put Anthropic revenue at $52 billion to $53 billion in 2026 and $135 billion to $137 billion in 2027, one person said.
- One investor said a roadshow group meeting had no dial-in call and that Goldman Sachs and Morgan Stanley largely read prepared remarks.
- Anthropic declined to comment; Morgan Stanley declined to comment and Goldman Sachs did not immediately respond.
Institutional-investor interest in Anthropic's initial public offering is outpacing the early days of SpaceX's roadshow, according to two people familiar with the companies' offerings. The Anthropic roadshow is scheduled to run through Wednesday, November 18, 2026, when the AI company is expected to price the $64 billion deal. Anthropic and its investment banks are meeting prospective investors in New York, Boston and San Francisco, one of the people and a third person familiar with the matter said.
The IPO drew about two times the orders for the shares available by the end of Tuesday, November 10, 2026, the first day of the roadshow, one of the people said. By the end of Thursday, November 12, 2026, the book was six times oversubscribed, one other person said. SpaceX's IPO was two times oversubscribed by the end of its second day of roadshow, Reuters previously reported. Bankers and investors said the demand is impressive for the Anthropic offering given the size of the IPO, and two of the people said they expect the order book to grow as the roadshow progresses. Details of the IPO, including demand for shares, could change, the people said, speaking on condition of anonymity. Anthropic declined to comment.
Investors are weighing two questions: whether Anthropic can maintain its lead as competitors such as Alphabet's Google rapidly catch up in developing advanced AI models, and whether its Claude chatbot can maintain its lead beyond coding, in the broader market for knowledge workers. One investor who attended a roadshow meeting said the company had not provided detailed answers to some questions raised. Anthropic declined to comment on the investor's remarks.
One group meeting during the roadshow did not include a conference call allowing institutional investors to dial in and ask questions, according to an investor who attended that meeting. Representatives from Goldman Sachs and Morgan Stanley largely read from prepared remarks rather than solicit questions at that meeting, the person added. Morgan Stanley declined to comment. Goldman Sachs did not immediately respond to a request for comment.
The key figure underpinning valuation models is Anthropic's projected 2028 revenue, which banks estimate at around $270 billion to $280 billion and use to apply enterprise-value-to-revenue multiples, two of the people familiar with the projections said. Some sell-side projections put Anthropic's revenue at around $52 billion to $53 billion in 2026, rising to $135 billion to $137 billion in 2027, one of the people said. Certain buy-side projections are running 10% to 15% higher for 2026 and 2027, an investor who has placed an order in the IPO said. One investor who conducted due diligence but decided not to participate has an outlook about 30% below the sell-side estimate for 2028.
SpaceX and cybersecurity company CrowdStrike are among the names being used as benchmarks in the valuation models, one of the people familiar with the projections said. The focus on Anthropic's projected 2028 revenue contrasts with SpaceX, whose valuation case relied on projected 2029 revenue that some investors viewed as particularly aggressive.