Anthropic Picks JPMorgan to Lead U.S. Retail Share Sale, Bloomberg Reports 15% to 20% of IPO Could Go to Individuals

Since Anthropic filed its S-1 with the SEC on Oct. 26 for a Nasdaq listing under the ticker ANT, the first details of who will sell the shares to everyday investors have started to emerge.

Bloomberg reported today, Oct. 27, that JPMorgan Chase will lead the sale to U.S. retail buyers. The same report says Anthropic is weighing a plan to allocate about 15% to 20% of the total offering to individual investors. The retail allocation and other terms may still change, according to Bloomberg.

JPMorgan gets the retail job

Bloomberg reported that JPMorgan plans to gauge demand among high-net-worth clients, private-banking customers and securities trading platforms. CEO Jamie Dimon is expected to take part in the effort, according to the same report.

Citigroup is poised to oversee the retail offering outside the U.S. Anthropic is also pursuing public offers in Australia, Canada, Japan, the U.K., Switzerland and some European countries, per Bloomberg. The Australian public offer is confirmed in coverage of the S-1.

Anthropic has not disclosed how many shares it will sell or at what price. The S-1 leaves the price range, share count and underwriting discount blank. So the size of the retail slice in dollars is unknown.

For scale only: SpaceX's June listing priced 555.6 million shares at $135, a $75 billion base deal. Bloomberg reported Anthropic expects to raise as much as or more than SpaceX did. On a raise that size, 15% to 20% would be roughly $11 billion to $15 billion. That is an illustration, not a disclosed figure.

The syndicate

The S-1 names Goldman Sachs in the lead-left position and Morgan Stanley second, serving as stabilization agent. That is the same pairing SpaceX used. The stabilization agent oversees the listing and steps in to support the share price if it slips in the first days or weeks of trading.

Twenty other banks fill out the syndicate, including JPMorgan, Citigroup, Barclays, Wells Fargo and Bank of America. UBS, Jefferies and Macquarie Capital are also listed. SpaceX also used 22 banks. Its syndicate shared a flat $500 million fee, equal to 0.58% of the amount raised, and Goldman and Morgan Stanley took $100 million each, according to Bloomberg. Anthropic's fee terms have not been filled in.

What the filing says about the business

Anthropic reported first-half 2026 revenue of $16.3 billion, up from about $1.16 billion a year earlier. It also reported a net loss of almost $81 billion. The filing attributes more than $72 billion of that to changes in the fair value of convertible notes, derivative liabilities and SAFEs. Just shy of $9 billion came from spending on AI infrastructure and computing.

Anthropic was last valued at $965 billion after raising $65 billion in May. The S-1 includes no IPO valuation. Reports have pointed to a target of up to $2 trillion.

The company's own risk language is blunt. "We are at an early stage of our revenue growth, we have experienced rapid growth in recent periods, and our historical growth rates are not indicative of future performance or our ability to sustain or forecast future revenue growth," the filing says. It also says Anthropic might not "generate sufficient revenue to achieve or sustain profitability in the future."

The filing says growth could "slow or stall" if demand for its models, applications or platforms comes in below expectations. It also warns its AI models might "behave in unintended, misaligned, and autonomous ways."

The business is also largely usage-driven. According to the Market Index analysis of the S-1, about 80% of revenue is consumption-based, and contracted revenue covers less than 20% of the year ahead. The same analysis puts compute commitments at roughly $550 billion.

On concentration, the filing says no single customer made up more than 10% of revenue for the nine months ended Sept. 30. The top five customers account for about 25%. Anthropic says it has more than 14,000 enterprise customers.

Timing

The schedule is not firm. Bloomberg reported that marketing to investors could begin as soon as the week of Nov. 9. The Wall Street Journal reported the listing is set for the week of Nov. 16. CNN reported the stock could begin trading as soon as Nov. 16.

The next concrete milestone is an amended filing that fills in the blanks. Until the price range, share count and final retail allocation are public, the 15% to 20% figure is a plan under consideration, not a commitment.