Interactive Brokers Enables European Orders for Anthropic Shares With Prospectus Cap of $120
Key Facts
Anthropic has listed Interactive Brokers among the brokerage channels qualified investors in Europe can use to request shares in its initial public offering, according to the company’s official offering page. Investors seeking to participate must hold an active account with the broker and submit an indication of interest through its platform. This gives qualified investors access to the offering through their broker, but does not mean shares will be allocated to everyone who submits a request. Anthropic does not guarantee that any investor will receive all the shares requested, or any shares. The company also assumes applicants are prepared to buy the full amount they requested if it is allocated to them.
Interactive Brokers’ FAQ says retail participation is available in some European Economic Area countries, but not all of them. The company said the countries covered depend on the issuer’s and its advisers’ choices about the scope of the offering, rather than a decision by the broker. An investor may be unable to submit an indication of interest if the offering prospectus has not been approved or filed with a regulator in their country of residence. Eligibility therefore depends on the investor’s location and account acceptance, as well as meeting the requirements for an order. Submitting an indication of interest remains a request for shares and does not guarantee an allocation.
The final price had not yet been set, according to Anthropic’s offering page, which said the final price for the European and Swiss offerings would match the price set in the U.S. offering. The European offering prospectus set a cap of $120 per Class A share, while cautioning that this is not the price currently expected for European investors. The preliminary estimated price range for the U.S. offering is $70 to $78 per share, according to a company filing. The Associated Press reported that the offering includes 825 million shares within the same range. The company could raise more than $61 billion if pricing comes at the midpoint of the range, according to the agency’s estimate.
The final price is scheduled to be set on November 18, 2026, with public trading in the shares set to begin on November 19, subject to regulatory approvals, Anthropic said. That timetable puts the time remaining before pricing at the center of qualified investors’ decisions about the size of their orders. The company says the price adopted for the U.S. offering will also apply to the European and Swiss offerings. The European prospectus cap does not change that link, with the final price remaining common to all, according to the company’s filing. Allocation also remains uncertain after an order is submitted.
The opportunity to place orders comes as Anthropic’s disclosures show rapid revenue growth alongside a large net loss. The offering page reported revenue of $17.0 billion in the third quarter of 2026, with year-over-year growth of more than 12 times. In a filing cited by Reuters, revenue was $16.96 billion, up 47% from the previous quarter, compared with an increase of 144% in the second quarter. The company reported a net loss of $23.3 billion in the third quarter, including a noncash expense of $21.9 billion related to changes in the fair value of specified securities and liabilities. A strategist at Renaissance Capital said growth and margin pressures could weigh on the final valuation, while the Associated Press noted that the offering proceeds could remain below the record $86 billion raised by SpaceX in its June 2026 offering.
Risks disclosed by the company include some of its computing and infrastructure partners’ reliance on financing or credit support from third parties. Anthropic said that if such financing is unavailable or becomes more expensive, contracted capacity could be delayed, repriced, reduced or not delivered. Its commitments related to building AI infrastructure totaled about $895.4 billion as of September 30, 2026. The company expects to spend nearly half that amount before December 31, 2030. Meanwhile, the number of customers each generating at least $100,000 in revenue on a trailing twelve-month basis rose to more than 11,900 as of September 30, from more than 1,500 at the end of 2025.