EXCLUSIVE: Anthropic IPO Could Be ‘Heavily Oversubscribed,' IPO Adviser Says

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Anthropic could see overwhelming demand and command a valuation near $2 trillion when it goes public, according to Connor Group founding executive Jim Neesen. "I expect Anthropic to be heavily oversubscribed at the time of IPO and well positioned to achieve a valuation close to the $2 trillion range," Neesen said. Neesen brings extensive IPO experience to the prediction. Connor Group has worked on 275 IPOs representing more than $4 trillion in valuation, including offerings involving Tesla, Uber, Spotify, Lyft, Palantir and Cerebras. Read Also:OpenAI's AI Agents Went Rogue on German Website Pre-IPO Interest Builds Anthropic, last valued at $965 billion following May's $65 billion Series H, has confidentially filed for an IPO at an expectedly higher valuation. Share terms and pricing have not been disclosed. The growing expectations around the offering are already affecting Anthropic's private-market shares. Neesen said investors are willing to buy shares before the IPO because they believe getting access to the private market could prove easier — and potentially cheaper — than waiting for the public offering. "Securing shares in the private market often beats waiting for an IPO allocation, where pricing will likely be even higher and access more competitive," he said. Buyers Are Not Limited to Traditional VC Investors Demand is coming from retail investors, family offices, private funds, private equity firms and other professional investors, Neesen said. Those investors are also looking beyond Anthropic's current financial performance and placing greater weight on its future growth prospects, according to Neesen. "Buyers are pricing in where they believe the company will be, not just where it is today," he added. Anthropic's revenue growth has accelerated sharply in recent months. The company said its revenue run rate had crossed $47 billion in early May, while outside reports put the annualized pace above $65 billion by the end of July. Neesen acknowledged that Anthropic's valuation remains a subject of debate, with bears pointing to current fundamentals and infrastructure costs and bulls arguing that the enormous potential market for AI justifies a premium. He also sees a potential strategic advantage in Anthropic reaching the public markets before rival OpenAI. "Anthropic getting to market ahead of OpenAI will be a meaningful advantage for early trading performance," Neesen said. ETFs To Consider The Tema Photonics & Optical ETF (NASDAQ:LAZR) now has a 15% weight in Anthropic, with the exposure held through a special purpose vehicle. The fund initially invested in Anthropic in July at a $1.8 trillion valuation but acquired substantially more exposure at a lower valuation in its latest transaction. Read Also:EXCLUSIVE: Anthropic Trades Above $1 Trillion in Private Markets as Holders Sit Tight Photo: Shutterstock This article EXCLUSIVE: Anthropic IPO Could Be 'Heavily Oversubscribed,' IPO Adviser Says originally appeared on Benzinga.com © 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. More News