Anthropic’s planned Nasdaq flotation could become the biggest test yet of investor appetite for the AI boom. The Claude developer filed its IPO paperwork on 26 October, with reports suggesting a November listing and a potential valuation of up to $1.5tn–$2tn. The company would trade under the ticker ANT.
The company’s H1 2026 revenue reached about $16.3bn, but the company remains hugely capital intensive, with enormous future computing commitments.
How can UK retail investors buy Anthropic?
The important development is that Anthropic intends to make shares available to individual investors in the UK and parts of Europe through RetailBook, a platform that connects issuers with retail-investing platforms.
This is potentially significant because UK investors have historically had limited access to US IPO allocations. The exact list of participating platforms, minimum investment and allocation process for Anthropic still needs to be confirmed.
The model was demonstrated by SpaceX’s (NASDAQ:SPCX) June IPO, when UK platforms including Hargreaves Lansdown, Revolut, AJ Bell and eToro accepted expressions of interest. SpaceX ultimately raised around $75bn, with unusually high retail participation. Reuters
| SpaceX IPO | Anthropic IPO | |
| Expected listing | June 2026 | Potentially Nov 2026 |
| Reported valuation | ~$1.8tn | Up to ~$2tn |
| IPO raise | ~$75bn | Potentially up to ~$100bn |
| Retail access | Up to 30% targeted | UK retail participation planned |
| Exchange | Nasdaq | Expected Nasdaq |
| Main theme | Space/AI infrastructure | Generative AI |
Why Anthropic could be the bigger test
SpaceX tested whether retail investors would chase a hugely valued, founder-led technology story. Anthropic goes further: investors will be putting a public-market valuation on a frontier AI model developer whose economics depend on massive computing expenditure and sustained AI demand.
Its IPO therefore provides a real-time verdict on whether investors believe AI revenue growth can eventually justify the extraordinary infrastructure spending required to build frontier models. Reuters has described the flotation as an important test for the wider IPO market, particularly as several other AI-infrastructure listings have been delayed.
You may already own Anthropic exposure
UK investors don’t necessarily need to wait for the IPO. Several listed companies and investment trusts already have exposure.
| Investment | Anthropic exposure | Why it matters |
| Baillie Gifford US Growth (USA) | ~9%* | One of the largest trust exposures |
| Schiehallion (MNTN) | ~6%* | Focuses heavily on private growth companies |
| Scottish Mortgage (SMT) | ~3.9%** | Major private-company/technology exposure |
| Amazon | Strategic investor | Major commercial and investment relationship |
| Alphabet | Investor/strategic partner | Google Cloud/AI relationship |
| Zoom | ~$3.1bn stake previously reported | Particularly large exposure relative to market value |
*Recent reported portfolio weight; Baillie Gifford US Growth was 9% in September.
**Scottish Mortgage reported Anthropic at 3.9% in September, up from 2.9% at the end of August.
The investment trusts are particularly interesting for UK investors because they provide ISA/SIPP-compatible listed exposure to a company that has until now been private. Scottish Mortgage’s (LON:SMT) Anthropic holding, for example, was already worth 2.5% of assets in April following a valuation increase.
Sharesify investor verdict
Anthropic could be the defining AI IPO of 2026. If it achieves a valuation approaching $2tn, investors will effectively be deciding that frontier AI can generate extraordinary revenues and returns despite enormous computing costs.
The SpaceX experience shows the potential for enormous retail demand — but also the danger of buying into a fashionable story at an aggressive valuation. For UK investors, RetailBook could provide a rare opportunity to participate at IPO price, while trusts such as Scottish Mortgage and Baillie Gifford US Growth (LON:USA) already offer a more diversified route to Anthropic exposure.
The key question is whether Anthropic can turn that transformation into shareholder returns at a valuation potentially approaching $2tn.
Disclaimer: The author Steven Frazer has a personal interest in Scottish Mortgage.
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