Anthropic IPO draws several times the orders as deals span AI, defense and pharma

Anthropic's proposed IPO, valued at $90.4 billion, has attracted several times the available share orders, according to reports on Thursday, November 12, 2026. The offering could become the world's biggest listing.

What happened

Anthropic's proposed offering has drawn demand well above the shares on offer. Market commentary describes the debut as a test of investor confidence in the AI boom and in its valuations. A separate analysis looks at how markets handle very large share debuts, citing SpaceX and Anthropic as cases.

In private funding, SoftBank and Nvidia are backing Germany's Agile Robots at an $8.5 billion valuation. UFORCE, a Ukrainian defense technology startup, reached a $6 billion valuation. The company says its aerial NEMESIS drones have logged 300,000 missions in combat, while its MAGURA sea vessels have played a part in the sinking of Russian warships.

In pharma financing, Blackstone is committing $1.5 billion to studies of Pfizer's obesity drug. Pfizer is seeking to challenge market leaders Eli Lilly and Novo Nordisk in the weight-loss market. Last year it acquired Metsera for up to $10 billion.

Why it matters

The deals show capital flowing to artificial intelligence, robotics, defense technology and obesity treatments. A listing of the size proposed for Anthropic would put heavy demands on the market's capacity to absorb new equity. The strength of order books is one gauge of appetite for such offers.

In M&A, Adani Group plans a mix of equity and debt to fund its takeover of Evos, a transaction valued at $2.9 billion. The group will infuse equity of up to the equivalent of $1.45 billion. That means roughly half of the deal value comes from equity, with debt covering the rest according to the plan reported.

In India's equity capital markets, Bajaj Finance launched a qualified institutional placement of 11,700 crore rupees. Tata Power, Adani Enterprises, Sandur Manganese, Alivus Life and Aurobindo Pharma also reported notable developments. For investors, these transactions offer a view of how funding is being structured across equity, debt and private rounds.

What to watch next

The next step for Anthropic is the pricing and first trading day of its offering, which the available information does not date. Market participants will look at how the shares trade against the large order book. The outcome may shape how other large technology listings are structured.

For Adani Group, the final split between equity and debt in the Evos takeover will become clearer as the financing is completed. For Bajaj Finance, the placement terms and allocation will follow the launch. Further details on the Agile Robots and UFORCE rounds, including the investors involved and the amounts raised, have yet to be disclosed in the reports available.