Anthropic's IPO has a line around the block. History says that's not the signal to watch.

What happened: Anthropic's private placement drew multiple times the orders for shares available, led by anchor-size orders, Bloomberg reported. Pricing is expected Nov. 18, with trading as soon as Nov. 19. Key numbers: Raising as much as about $90 billion at a targeted $1.4 trillion valuation. Why it matters: Oversubscription is common and much of the demand is fast money, so the order book speaks through the price. Robert Schein said the true valuation shows after the lockup, and Jay Ritter's data shows pricing above range is the stronger signal. Market: -0.2% today ($80.85), -0.1% YTD, 0.7x vol — as of 08:45 UTC Coverage: 9 outlets in 24h

Anthropic's private placement drew multiple times the orders for shares available, led by anchor-size orders, Bloomberg reported. Pricing is expected Nov. 18, with trading as soon as Nov. 19.

Oversubscription is common and much of the demand is fast money, so the order book speaks through the price. Robert Schein said the true valuation shows after the lockup, and Jay Ritter's data shows pricing above range is the stronger signal. Market: -0.2% today ($80.85), -0.1% YTD, 0.7x vol — as of 08:45 UTC