Anthropic Weighs Allocating 15% to 20% of Expected IPO Shares to Retail Investors

Key Facts

Anthropic selected JPMorgan to lead share sales to retail investors in the United States and considered allocating 15% to 20% of the total shares in a potential offering to this group, according to people familiar with the matter cited by Bloomberg. Discussions about the percentage are ongoing, so it has not become a final allocation. The arrangement is part of the company's preparations for an initial public offering, while the filing does not specify the number of shares offered or a price range. The registration statement names Goldman Sachs and Morgan Stanley as representatives of the underwriters and also lists JPMorgan and Citigroup among the underwriters. JPMorgan Chief Executive Jamie Dimon is expected to take part in the bank's campaign to attract retail investors.

Anthropic filed its registration statement with the U.S. Securities and Exchange Commission on October 26, 2026, in preparation for an offering of Class A shares on the Nasdaq Global Select Market under the symbol ANT. But the registration has not yet become effective, and securities may not be sold or offers to buy accepted before it takes effect. The company has not specified the number of shares or the proposed price range, leaving key offering terms open. The offering includes markets in Australia, Canada, some countries in the European Economic Area, Japan, Switzerland and the United Kingdom. The company does not currently intend to list its shares on exchanges in those markets, and public offers in Australia are limited to investors exempt under its rules.

The accompanying financial statements reflect the rapid expansion of Anthropic's business in the first half of 2026. Revenue was 16.286 billion dollars in the six months ended June 30, compared with 1.163 billion dollars in the same period of 2025, and the company said annual growth was 1,300%. Anthropic attributed continued revenue growth to successive releases of Claude models, which opened up additional uses, attracted new customers and prompted existing customers to expand their use. Over the same period, the operating loss narrowed to 693 million dollars from 2.135 billion dollars a year earlier. But that improvement in operating performance does not reflect the full net result: the company reported a net loss of 80.748 billion dollars in the first half of 2026.

The net loss included 72.388 billion dollars related to changes in the fair value of convertible securities, derivative liabilities and SAFE agreements, explaining much of the gap between the operating loss and reported net loss. Meanwhile, computing and infrastructure expenses rose to 8.945 billion dollars in the first half of 2026 from 2.334 billion dollars in the same period of 2025. The increase shows the scale of spending associated with expanding the computing capacity needed for the business. On the customer side, the five largest customers accounted for about 25% of revenue in the nine months ended September 30, 2026, and no single customer accounted for more than 10%. These figures put revenue growth, spending and customer concentration among the information investors will assess when considering the offering.

The offering could raise as much as 100 billion dollars, according to reports cited by the Associated Press, but its value, the company's valuation and its final price have not been settled. The AP reported that Anthropic was valued at 965 billion dollars by private investors earlier in 2026, and that circulating estimates for the offering put its valuation at 1.5 trillion dollars or perhaps 2 trillion dollars. The offering could also exceed the record 86 billion dollars raised by SpaceX in its public offering in June, if it reaches that scale. These possibilities come amid investor hesitation over the substantial funding needs of companies in the sector; the AP said several technology companies recently withdrew their listing plans, while OpenAI plans to wait until next year before going public. Anthropic said some of the offering proceeds may go toward acquiring companies and technologies and investing in infrastructure, while sales remain contingent on the registration statement becoming effective.