Anthropic's initial public offering has drawn orders for multiple times the stock on offer just days into its roadshow, according to Bloomberg, putting the AI company on track for the largest stock market debut on record.

The demand stems from large, anchor-style expressions of interest, Bloomberg reported, though the terms of the listing may still shift before pricing. Anthropic plans to price the offering on Nov. 18 and begin trading on Nov. 19 on the Nasdaq Global Select Market under the ticker ANT.

How much money is Anthropic raising?

The Claude chatbot maker and its co-founders could raise as much as $90.4 billion combined at the top of the price range through the IPO and a private placement, according to its filings. The two offerings together would surpass SpaceX's IPO in size and set a new record for a stock market debut, Bloomberg said.

The structure breaks down into two parts:

• The IPO proper: 825 million Class A shares at an expected price range of $70 to $78, launched at a roadshow that began Tuesday. At the top of the range, the offering could raise as much as $64.35 billion before costs.
• A private placement: $26 billion of Class N common stock sold at the IPO price to Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing Company.

What valuation is Anthropic seeking?

The company is aiming for a fully diluted valuation of roughly $1.4 trillion, according to Bloomberg. That figure is lower than what some investors had anticipated.

The target sits below the roughly $1.5 trillion investors expected a week ago, according to The Wall Street Journal. Several large backers pressed for a lower number after AI stocks sold off last Thursday. A figure near $2 trillion was under discussion several months back, the Journal reported.

Who is selling the stock?

Goldman Sachs and Morgan Stanley are leading the IPO alongside 20 additional banks, according to the filing.

Some investors are passing along a slice of their IPO allocations to other would-be buyers, a move that brings them extra fees and cuts their exposure once trading starts, Bloomberg reported. Holders of pre-IPO stakes are pitching their holdings to potential purchasers using special purpose vehicles.

How is Anthropic marketing the deal?

Anthropic is promoting the offering through a string of investor-facing events. They include a live-streamed event on Friday with Chief Executive Officer Dario Amodei and JPMorgan Chase CEO Jamie Dimon.

A representative for Anthropic did not respond to a request for comment from Bloomberg.

Pricing lands Nov. 18; trading starts the next day.