The 10 Biggest IPOs in History, and Where Anthropic's $64 Billion Deal Would Rank
Updated 11 November 2026. A $64.4 billion IPO sounds like it should rewrite the record books. It would not. SpaceX already did that in June. Anthropic is aiming at a very large second place — and the cheque is not in the bank yet.
The short answer
Anthropic is marketing a US IPO of up to $64.4 billion, offering 825 million shares at $70 to $78, according to Reuters. At the top of that range it would be the second-largest IPO, behind SpaceX’s $75 billion ($85.7 billion with the greenshoe) and ahead of Saudi Aramco’s $25.6 billion. The deal had not been priced when we wrote this.
The 10 biggest IPOs — and where Anthropic would sit
The table below ranks completed listings by gross proceeds, before greenshoe overallotments, which is the method Visual Capitalist used in its June 2026 compilation from corporate disclosures and news reports. We have added Anthropic as a proposed deal, and noted SpaceX’s greenshoe separately because it is material.
Rank | Company | Year | Gross proceeds |
1 | SpaceX | Jun 2026 | $75.0 billion ($85.7 billion with greenshoe) |
— | Anthropic (proposed) | 2026 | Up to $64.4 billion |
2 | Saudi Aramco | 2019 | $25.6 billion |
3 | Alibaba | 2014 | $21.8 billion |
4 | SoftBank Corp | 2018 | $21.3 billion |
5 | Agricultural Bank of China | 2010 | $19.2 billion |
6 | ICBC | 2006 | $19.1 billion |
7 | NTT DoCoMo | 1998 | $18.4 billion |
8 | Visa | 2008 | $17.9 billion |
9 | AIA Group | 2010 | $17.8 billion |
10 | Enel | 1999 | $16.4 billion |
Completed historical figures: Visual Capitalist, 12 June 2026. SpaceX greenshoe: CNBC, 15 June 2026. Anthropic terms: Reuters, confirmed in a 10 November factbox. Visual Capitalist also lists Meta’s 2012 IPO at $16.0 billion, just behind Enel. Rankings can move a notch if a later source includes overallotments; the order at the very top does not.
What exactly is Anthropic offering?
On 10 November, Reuters reported that the latest draft prospectus showed Anthropic and some existing shareholders seeking to raise as much as $64.4 billion, selling shares in a band of $70 to $78. A later Reuters factbox said the filing confirmed those terms and that the company had launched its roadshow the same day. CNA, also based on Reuters, said shares were expected to start trading on the Nasdaq on 19 November under the symbol “ANT.” That date is an expectation, not a price.
Two other numbers matter, and they are easy to mix up. First, valuation: CNA and Reuters reporting said a price at the top of the range would value Anthropic at about $1.4 trillion fully diluted, or about $1 trillion excluding options and similar securities. Earlier investor talk of $1.5–2 trillion has faded. Second, a $26 billion private placement, at the IPO price, has been lined up with Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. That money sits beside the IPO, not inside the $64.4 billion.
Why is second place still a landmark?
Because everything below SpaceX is in another league. Saudi Aramco’s 2019 listing, the previous record, raised $25.6 billion. Alibaba raised $21.8 billion in 2014. Even if Anthropic prices at the bottom of its range, 825 million shares at $70 is still $57.8 billion — more than twice Aramco. Reuters also noted that Anthropic raised $65 billion at a $965 billion post-money valuation in late May, so the IPO is an attempt to step up from an already enormous private mark.
The deal is also a test of a nervous market. The same Reuters reporting said details were briefly circulated to banks and then retracted late on 9 November, and that marketing had already slipped from a mid-October plan. None of that kills the offering. It does mean the $64.4 billion is a cap on a live bookbuild, not a result.
Page 21 analysis: India’s biggest IPOs, after Jio
A $64 billion US listing is not something Indian retail investors will see on the NSE. The useful comparison is the domestic record book, which changed on 28 October 2026, when Jio Platforms listed after a ₹30,213 crore fresh issue — every rupee going to the company, not to selling shareholders. That pushed Hyundai Motor India into second place.
Company | When | Issue size (approx.) | Source |
Jio Platforms | Oct 2026 | ₹30,213 crore | Indian Express, offer coverage |
Hyundai Motor India | Oct 2024 | ₹278.7 billion (₹27,870 crore) | Mint/Reuters |
LIC | May 2022 | About ₹205 billion (₹20,500 crore) | Mint/Reuters (“roughly”) |
Paytm | Nov 2021 | ₹183 billion (₹18,300 crore) | Mint/Reuters |
Tata Capital | Oct 2025 | ₹155 billion (₹15,500 crore) | Mint/Reuters |
LG Electronics India | Oct 2025 | ₹116 billion (₹11,600 crore) | Mint/Reuters |
Hyundai through LG are from a Mint/Reuters factbox dated 18 June 2026, written before Jio listed; we have converted the rupee-billion figures they used. LIC was reported as “roughly” ₹205 billion, so it is rounded. Even Jio, India’s new record, is about $3.4 billion at ₹89 to the dollar — a fraction of Anthropic’s proposed raise.
What does this mean for Indian investors?
In educational terms only: a US IPO is bought in dollars, on a US exchange, under US rules. Indian residents who want exposure to US-listed shares typically look at the Liberalised Remittance Scheme, or at mutual funds and other products that already hold US stocks. Tax treatment, product availability and eligibility all differ, and many people will never buy a single primary share in a deal like this. None of that is a reason to apply, or to stay away; it is simply how the plumbing works.
Test yourself
What happens next
The next hard numbers are the final price, the mix of primary versus secondary shares, and whether the book clears at the top of the $70–78 range. Until those are filed, $64.4 billion is a ceiling on a deal in the market, not a line in the record book. We will update this ranking if the priced deal changes the order.
FAQ
How much is Anthropic trying to raise in its IPO?
Up to $64.4 billion, by offering 825 million shares at $70 to $78 each, according to Reuters reporting on the latest draft prospectus and a later factbox that said the filing confirmed those terms. A separate $26 billion private placement is lined up alongside the IPO, not inside that $64.4 billion figure.
Would Anthropic’s IPO be the biggest ever?
No, not on these terms. SpaceX raised $75 billion in June 2026, and $85.7 billion after underwriters exercised the greenshoe, according to CNBC and the company’s investor-relations update. Anthropic’s $64.4 billion would still be larger than Saudi Aramco’s $25.6 billion listing in 2019.
What valuation is Anthropic seeking?
Reuters and later reports said a price at the top of the range would value the company at about $1.4 trillion on a fully diluted basis, or about $1 trillion excluding options and similar securities. Earlier talk of $1.5–2 trillion has come down. Some earlier summaries cited a figure near $1.02 trillion; we are using the later Reuters/CNA valuation split instead.
What is India’s biggest IPO now?
Jio Platforms, which listed on 28 October 2026 after a ₹30,213 crore fresh issue, according to Indian Express and contemporary coverage of the offer. That overtook Hyundai Motor India’s ₹278.7 billion (about ₹27,870 crore) IPO in October 2024.
Can Indian investors buy the Anthropic IPO?
The offering is a US listing. Indian residents who want exposure to US-listed shares generally use routes such as the Liberalised Remittance Scheme, or funds that hold US stocks, subject to tax and regulatory rules. This is general information, not a recommendation to apply, buy or sell anything.
Sources
Reuters, exclusive on Anthropic draft prospectus, 10 Nov 2026 (via Investing.com)
Reuters, factbox on Anthropic and the world’s biggest IPOs, 10 Nov 2026 (via Investing.com)
CNA / Reuters, Anthropic valuation and expected Nasdaq debut, 10 Nov 2026
CNBC, SpaceX IPO greenshoe brings proceeds to $85.7 billion, 15 Jun 2026
Mint/Reuters, largest Indian IPOs before Jio listed, 18 Jun 2026
The Indian Express, Jio Platforms listing and ₹30,213 crore issue, 29 Oct 2026
Related on Page 21
This explainer is for information only and is not investment advice. It is not an offer or solicitation to buy or sell any security.
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