Anthropic IPO opens subscription to Australian retail investors

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Anthropic PBC will sell shares directly to Australian investors in its blockbuster IPO, bringing a brand-new AI investment target to a market that has just been hit by the failure of a data center project listing.

A filing submitted to the U.S. Securities and Exchange Commission on Monday shows that after Anthropic submits its prospectus to the Australian Securities and Investments Commission, retail investors in that country can participate in this IPO. The number of shares offered will be disclosed in subsequent filings. People familiar with the matter said investors expect a reasonable valuation range of $1.4 trillion to $1.75 trillion.

This Australian offering allows the developer of the Claude chatbot to connect with Australia's A$4.8 trillion (US$3.4 trillion) pension industry, as well as retail investors eager to invest in core AI leaders. Firmus Grid Ltd. was originally scheduled to be one of the largest listings in Australian history, but its IPO was aborted due to insufficient demand from overseas investors, dealing a heavy blow to market sentiment.

Cameron Gleeson, head of investment strategy at Betashares, said many Australian investors will enthusiastically participate in Anthropic's IPO. Anthropic and Firmus are completely different; Anthropic's products already have paying customers, and customer spending continues to increase.

Compared with markets dominated by technology in North Asia and the United States, Australia lacks the semiconductor companies and large cloud providers that are this year's stock market hotspots. The scarcity of such targets also supported SpaceX's local offering this year, with retail investors becoming the main source of demand.

Australia, along with Japan, Canada and parts of Europe, is one of the few countries in the world where retail investors can directly subscribe to Anthropic's IPO.

Anthropic's prospectus states that professional investors and sophisticated investors do not need to wait for Australian regulatory filing and can directly participate in Anthropic's U.S. offering.

Local pensions (superannuation) and other large institutional investors are professional investors. Sophisticated investors include individuals with net assets of no less than A$2.5 million or annual income of no less than A$250,000.

Among Anthropic's 22 underwriters, Macquarie Group's financing arm is expected to serve as lead bank for the Australian offering. Media cited people familiar with the matter as saying that Commonwealth Bank of Australia's brokerage business CommSec is responsible for retail promotion.

Earlier this year, CommSec also handled retail promotion for SpaceX in Australia. At that time, the broker received more than 28,000 subscription applications, setting a record, but it did not disclose the final number of shares allocated to clients.

eToro's Sydney-based Asia-Pacific chief analyst Josh Gilbert said that for years top AI companies have developed in non-public environments, and this Anthropic offering is expected to attract a great deal of local attention. Firmus attracted investors with a story of debt-fueled expansion, while Anthropic has solid fundamentals and brings a scarce target to public markets: the opportunity to directly invest in a frontier large-model developer. news_keyword_pub,usstock, Account opening QR code start

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