Anthropic is considering setting aside about 15% to 20% of the shares in its initial public offering for individual investors.
It has picked JPMorgan Chase to lead US sales to retail buyers, Bloomberg reported on Wednesday, citing people familiar with the matter.
Citigroup will reportedly coordinate the international retail offering.
Anthropic, JPMorgan and Citigroup declined to comment to Bloomberg. The people said talks are still going on and the portion of retail share could change.
The report comes two days after Anthropic made its S-1 public on 26 October.
The Claude developer plans to list Class A shares on the Nasdaq Global Select Market under the ticker “ANT”.
Goldman Sachs and Morgan Stanley are leading the deal. The price range and share count are still blank.
What Bloomberg reported
According to people familiar with the matter cited by Bloomberg:
- JPMorgan will lead US retail sales. It played the same role in SpaceX’s IPO earlier this year.
- 15%–20% of the offering has been discussed as a retail allocation.
- Jamie Dimon, JPMorgan’s chief executive, is expected to take part in the bank’s retail campaign.
- Citigroup is set to coordinate the international retail offering.
A retail tranche of that size would be unusually large for a US listing. Most of a big IPO normally goes to institutions.
What the S-1 does confirm
The filing confirms the international retail angle.
It says the deal “includes public offerings in Australia, Canada, certain member states of the European Economic Area, Japan, Switzerland, and the United Kingdom”.
Anthropic says it does not currently plan to list the stock on any exchange in those countries.
ANT would trade only on Nasdaq.
If Anthropic drops an offering in any country before the deal closes, the filing says those shares would be moved to the remaining offerings, including the US, so the total deal size would not change.
The S-1 does not say how many shares will go to retail investors in any market.
Australia: buying directly through an ASIC prospectus
In Australia, retail investors who are not professional or sophisticated investors will have to apply through a separate Australian prospectus.
Here’s how to invest in Anthropic from Australia.
Anthropic says this will be lodged with the Australian Securities and Investments Commission (ASIC). That detail comes from the S-1.
The Sydney Morning Herald reports that Macquarie is expected to lead the local offer and CommSec to lead retail marketing, citing a report from the Australian Financial Review, which in turn cites people briefed on the matter.
UK and Europe
The S-1 lists the UK, Switzerland and certain EEA countries among the public offerings.
For the EEA retail offer, Anthropic says it will use a separate European prospectus. The Swiss offer will also run under that document.
Investors can check out our guide on how to buy Anthropic shares in the UK.
Why the retail push matters
Anthropic’s valuation is likely to be very large, which is one reason a wide base of buyers matters.
Investors have told bankers they now see fair value at about $1.4 trillion to $1.5 trillion, and $1.75 trillion is potentially achievable, Bloomberg has reported.
Media reports valued Anthropic’s Series H in May at about $965 billion. We explain how these numbers relate in our Anthropic IPO valuation explainer.
Interest in the company has been rising with its results. The S-1 shows revenue of $16.29 billion for the first half of 2026. See the seven numbers from the prospectus.
What should individual investors do next?
Though the reports said the company is setting aside 20% of the offering for retailers, Anthropic has not confirmed what the figure would be.
Investors should watch out for communication from Anthropic to know what would be the exact split would be.
A larger retail tranche would not guarantee shares for any one applicant. If demand is high, allocations are often scaled back.
Read our in-depth guides on how to invest in Anthropic and how to buy Anthropic pre-IPO.
What to watch next
- Amended S-1 (S-1/A). This should give a price range and share count. It may also show whether there is a formal retail tranche.
- Roadshow timing. Under the SEC’s 15-day rule, the roadshow cannot start before 10 November, 15 days after the public filing. Media reports point to a listing on 16 November.
- Local prospectuses. Watch for the Australian prospectus to be lodged with ASIC and for the European prospectus to be approved. Retail applications abroad depend on them.
- Risks. Before applying, read Anthropic IPO risks: what the prospectus says.
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