Should you buy Anthropic’s IPO and which UK platforms offer access?

Anthropic, one of the world’s leading developers of artificial intelligence (AI) models, appears to be just days away from its stock market debut having publicly filed for its Initial Public Offering (IPO) on 26 October.

The company, which creates the Claude family of large language models, is expected to start trading on the Nasdaq on 19 November.

Anthropic’s IPO follows SpaceX’s IPO in June, which saw Elon Musk’s space exploration and AI company post the largest stock market debut in history, raising over $75 billion at a valuation of $1.77 trillion.

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Anthropic’s IPO is expected to be as significant and possibly bigger, with the firm reportedly anticipating it could raise as much as $90 billion at a valuation of around $1.4 trillion, although this is less than touted in October.

The Claude developer reported revenue of around $16.3 billion in the first half of 2026, but has seen a net loss of $81 billion in the first six months of this year. Spending shows no sign of slowing down: according to its IPO prospectus, the company has purchase commitments of almost $900 billion payable by 2045, with around $70 billion of that due within 12 months of September 2026.

Scepticism over whether AI firms can offer a return on the massive amounts of capital expenditure invested in the technology’s underlying infrastructure has come to the fore in recent weeks.

Trillions of dollars has been wiped off the combined market valuations of tech companies such as Nvidia and Google parent Alphabet. The Nasdaq 100 index, which is composed heavily of tech stocks, fell by more than 13% between 6 October and 6 November.

Democrat plans to slow the advance of AI following success in the US midterms also poses a risk to firms.

Susannah Streeter, chief investment strategist at wealth manager Wealth Club, said: “Anthropic is spying an opportunity to get its IPO over the line. However, the tech rout has come at a big cost for the company. Gone are the lofty ambitions of trying to float at a $2 trillion valuation.

“Anthropic is having to deal with the stark reality of a much more sceptical investor base.”

When will Anthropic’s IPO take place?

Anthropic’s shares are expected to start trading on 19 November.

The AI developer filed its IPO paperwork on 26 October and will list on the Nasdaq, under the ticker symbol 'ANT'.

It is not expected to pay dividends initially and the founders will hold just over 50% of the voting power.

How to get exposure to Anthropic and should you invest in it?

You can apply to buy shares in Anthropic ahead of its listing through the following investment platforms: AJ Bell, eToro, Hargreaves Lansdown, Interactive Brokers, Interactive Investor, Revolut and Robinhood.

These brokers will be offering shares via RetailBook which is acting as the Public Offer Platform for Anthropic’s IPO, enabling British investors to access this overseas listing.

Anthropic has set its stock price range between $70 and $78 per share.

There are risks involved in buying in at IPO stage. It can be hard for private investors to get the best returns when they buy into an IPO.

In Anthropic’s case, recent tech weakness and the fall in its expected valuation highlights the possibility that the stock will be volatile following its IPO. The firm has also previously warned AI systems could pose an existential threat to humanity.

If you are feeling cautious but still want some exposure, you could buy shares in companies or investment trusts that have already invested in Anthropic.

Amazon (NASDAQ:AMZN) and Google’s parent company Alphabet (NASDAQ:GOOGL) both hold a stake in Anthropic. While Alphabet’s is larger in absolute terms, Amazon’s is higher as a percentage of its own total market capitalisation, so putting your money into Amazon gets you a bigger stake in Anthropic than doing so into Alphabet.

But you’d get an even bigger cut by investing in a surprising company: Zoom Communications (NASDAQ:ZM). While Zoom’s surge to prominence during the Covid pandemic was short-lived, it invested some of the windfall into Anthropic in 2023.

“Zoom has a $3.13 billion stake in the AI company, which is equal to 11% of the communication group’s entire market value,” said Dan Coatsworth, head of markets at investment platform AJ Bell. “Therefore, any future valuation uplift in Anthropic could move the dial for Zoom’s share price.”

Coatsworth also identified three investment trusts with meaningful stakes in Anthropic: Baillie Gifford US Growth (LON:USA), Schiehallion (LON:MNTN) and Scottish Mortgage (LON:SMT).

Of the three, Scottish Mortgage has the lowest allocation to Anthropic – with the AI firm accounting for 2.8% of its portfolio as of 29 October, compared to 6.8% for Baillie Gifford US Growth and 6.1% for Schiehallion.