Anthropic (NASDAQ:ANT) has selected JPMorgan Chase & Co (NYSE:JPM) to oversee the sale of shares to individual US investors in its planned initial public offering, according to a Bloomberg report published Tuesday citing people familiar with the arrangements.
The artificial intelligence company, which develops the Claude family of AI models, is considering allocating approximately 15% to 20% of the offering’s shares to retail investors. Discussions remain ongoing, and the final allocation could change before the listing.
The proposed offering could become one of the largest initial public offerings on record, with investors discussing valuations exceeding $1 trillion.
JPMorgan will lead efforts to attract individual investors in the United States as Anthropic prepares to enter the public markets.
According to Bloomberg, JPMorgan Chief Executive Jamie Dimon is expected to participate in the bank’s retail investor outreach campaign.
The proposed allocation of 15% to 20% of the IPO’s total shares would provide a significant portion of the offering to individual investors, although no final decision has been reported.
The arrangements reflect the company’s preparations to distribute shares across institutional and retail investor groups.
JPMorgan is also managing retail investor outreach for SpaceX (NASDAQ:SPCX), whose $86.2 billion initial public offering attracted more than $100 billion in demand from individual investors, according to Bloomberg.
That offering provides another example of substantial retail interest in large technology-related listings.
Citigroup (NYSE:C) has been appointed to coordinate the international retail component of Anthropic’s planned IPO, Bloomberg reported.
The international distribution is expected to include investors in Australia, Canada, Japan, Britain, Switzerland and selected countries within the European Economic Area.
The division of responsibilities between JPMorgan and Citigroup would allow the company to organize retail share sales across multiple markets.
The final structure and size of the international allocation have not been disclosed.
The planned participation of individual investors outside the United States adds an international component to the company’s preparations for its stock market debut.
Anthropic publicly filed for an initial public offering on Monday, with Goldman Sachs and Morgan Stanley leading the overall transaction.
The company has attracted investor valuation estimates ranging from $1.4 trillion to $1.5 trillion, according to previous Bloomberg reporting.
A valuation as high as $1.75 trillion has also been discussed.
These figures remain preliminary and do not represent a confirmed IPO valuation or final offering price.
The eventual valuation will depend on the terms of the transaction and investor demand as the offering progresses.
Anthropic’s planned listing follows the expansion of the artificial intelligence industry and increasing capital requirements among companies developing advanced AI systems.
Anthropic’s preparations for a public listing come as artificial intelligence developers seek substantial financing to support research, model training and computing infrastructure.
Developing advanced AI systems requires significant investment in processing capacity, specialized hardware and data centres.
The scale of these requirements has increased the importance of access to capital for companies competing in the generative AI market.
An initial public offering would provide Anthropic with an opportunity to raise funds from public market investors, alongside its existing financing arrangements.
The planned transaction also illustrates the role that major investment banks are taking in organizing share offerings for large AI companies.
Although Anthropic is considering reserving 15% to 20% of its IPO shares for individual investors, the proposed proportion has not been finalized.
The eventual allocation could be adjusted as the company and its advisers determine the offering’s structure.
JPMorgan’s involvement in US retail distribution and Citigroup’s international role form part of the preparations reported by Bloomberg.
Goldman Sachs and Morgan Stanley will lead the broader offering, while the final valuation and share distribution remain subject to the IPO process.
The listing will be closely followed as investors assess demand for publicly traded artificial intelligence companies and the financing requirements associated with continued development of the technology.
Anthropic IPO
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