Key points
- Fidelity, Robinhood, and four other brokers will sell Anthropic shares at the IPO price
- Fidelity's Anthropic offer period closes Nov. 17
- Anthropic expects up to 20% of its IPO to go to individual investors
Anthropic (ANT) plans to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT, according to its IPO filing. Individual investors can request Anthropic shares at the IPO price through a participating broker or buy them on the open market once trading begins. A request doesn't guarantee an allocation: customers may receive fewer shares than they ask for, or none.
Anthropic has set an expected price range of $70 to $78 a share for the 825 million-share offering. At the top of the range, the company would be worth about $1.02 trillion based on the shares it expects to have outstanding, as we explain in our breakdown of the price range. Anthropic expects retail investors in the US and other countries to receive up to 20% of the offering, depending on demand.
Investors who receive IPO shares can sell them once trading starts, but a quick sale can affect access to future IPOs. Some brokers call this flipping and track sales within 15 or 30 days. At Fidelity, a first flip brings a six-month restriction on IPO participation; repeat flips can lead to a permanent ban at Fidelity and SoFi.
When does Anthropic stock start trading?
Most likely Nov. 19, though Anthropic hasn't announced a date. Fidelity told its customers it expects its offer period to close Nov. 17 at 4 p.m. ET and the offering to be priced on the evening of Nov. 18. Both dates could change. Anthropic plans to price Nov. 18 and trade Nov. 19, CNBC reported. CNBC also reported a retail target of about 20%, well above the typical 5% to 10%.
IPOs are typically priced before trading begins, and the final price can land above or below the expected range. We track every change to the terms on our Anthropic IPO tracker.
| Expected date | Step |
|---|---|
| Nov. 17, 4 p.m. ET | Fidelity's offer period closes |
| Nov. 18, evening | Pricing, per Fidelity |
| Nov. 19, before 9:30 a.m. ET | Fidelity finishes allocations |
| Nov. 19 | First day of trading on Nasdaq |
Which brokers will offer Anthropic IPO shares, and what do they require?
Anthropic's filing names six US brokerages that it has asked to offer shares at the IPO price: Charles Schwab, Fidelity, Robinhood Financial, Trade-PMR, SoFi Securities, and E*TRADE from Morgan Stanley.
Robinhood Financial and Trade-PMR are part of Robinhood Markets (HOOD), and E*TRADE is part of Morgan Stanley, which leads the underwriting group with Goldman Sachs. Each broker sets its own eligibility and allocation rules:
- Fidelity. Customers need at least $25,000 in certain assets at Fidelity. Requests run from 25 shares, about $1,750 to $1,950 at the expected range, up to 1 million, in steps of 25. Customers must confirm their request on pricing night, usually after 7 p.m. ET. Fidelity ranks customers by the assets and revenue tied to their accounts; requesting more shares doesn't improve their ranking.
- Robinhood. Its IPO Access feature has no account minimum, but retirement, joint, and managed accounts aren't eligible. Robinhood's IPO Access page describes both random and proportional allocation methods. Robinhood hasn't said which will apply to Anthropic.
- SoFi. Members need a Self-Directed Invest account and must complete a suitability questionnaire. There's no minimum balance, and requests can start at one share. SoFi considers request size, total account value, SoFi Plus membership, and past IPO activity when allocating shares, SoFi says.
- E*TRADE. Customers enter a conditional offer to buy through the New Issue Center, specifying the number of shares and the maximum price they'll pay. E*TRADE counts only the shares the customer has enough cash to buy and allocates at its discretion. Individual, joint, and IRA accounts are eligible, E*TRADE says.
- Schwab. Customers should check the IPO page after logging in; Schwab posts its offering terms inside its client site.
At the top of the range, 20% of the 825 million shares in the base offering would be 165 million shares, worth about $12.9 billion.
The filing also describes public offerings in Australia, Canada, certain European Economic Area countries, Japan, Switzerland, and the UK. Anthropic doesn't plan to list its shares on an exchange outside the US. In Japan, Mizuho, Mitsubishi UFJ Morgan Stanley, Rakuten, and SBI are taking retail orders for 38.5 million to 50 million shares.
What happens after the stock starts trading?
Investors without IPO shares can buy ANT through a broker that offers Nasdaq trading, subject to their account and country restrictions. The market price may differ from the IPO price, and newly listed stocks often swing hard in their first days.
Each broker's flipping rules:
- Fidelity counts a sale within 15 calendar days as flipping. A first flip bars a customer from its IPOs for six months, a second for a year, and a third permanently.
- Robinhood, SoFi, and E*TRADE use a 30-day window. Robinhood may block a customer from IPO Access for 60 days. SoFi's penalties run six months, then 12 months, then permanent. E*TRADE may exclude customers from future offerings.
Fidelity also requires payment by settlement, usually one business day after the trade date, and won't accept the proceeds of selling the same shares.
