Anthropic carves out up to 20% of its Nasdaq IPO for retail investors

Anthropic is opening its Nasdaq debut to retail investors on a scale most companies avoid. The Claude maker plans to reserve 15-20% of its IPO shares for individuals in the US and Europe, according to its updated S-1 filed on November 10, 2026 — a first filing landed October 26. Typical IPOs leave just 5-10% for everyday buyers.

Pricing is anticipated around November 18, with trading expected to start shortly after under the ticker ANT. Anthropic set a range of $70-$78 per share for 825 million Class A shares. At the top of that range, the offering could pull in roughly $64.4 billion.

The public listing is only part of the capital haul. Anthropic is also pursuing a private placement that could bring in $26 billion from cornerstone investors, with Google, Nvidia and Microsoft among the names involved. Add both together and the fully diluted valuation could climb to about $1.4 trillion.

Underwriting splits along geographic lines: JPMorgan Chase runs the US book, Citigroup handles the international side. That pairing fits the retail plan, which pushes the allocation across the Atlantic to European individual investors rather than stopping at US brokerage accounts.

Anthropic was founded in 2021 by former OpenAI executives, and its numbers explain the attention. The company reported $16.3 billion in revenue for the first half of 2026 and a run-rate of $81 billion as of October 31, 2026. Not everyone is applauding: Senator Elizabeth Warren sent CEO Dario Amodei a letter asking for clarity on AI risks and the company's financial valuation, requesting a response by November 3.