At a glance
- No Anthropic shares trade until the November listing, so advisors are documenting answers rather than taking orders.
- The range sits near SpaceX's $1.77 trillion IPO, which raised $85.7 billion and was described by WealthManagement.com as record-setting.
- Glenn pointed to a crowded field of AI names as one reason the reception is cooler.
Anthropic filed a Form S-1 with the SEC this week to list on Nasdaq in November under the ticker ANT, according to WealthManagement.com. The offering is expected to raise more than $100 billion at a valuation of $1.5 trillion to $2 trillion.
No Anthropic shares trade until the November listing, so advisors are documenting answers rather than taking orders. Erik Kratz, CIO at Chicago-based Arena Private Wealth, and Brian Glenn, CIO at Madison, N.J.-based Premier Path Wealth Partners, each said their firms have not seen a pickup in client interest. Travis Poodiack, co-founder of Keene, N.H.-based Birch Financial Group, estimated that about a quarter of Birch's clients asked about the SpaceX IPO earlier this year, with some going on to buy shares, against closer to 10% for Anthropic. All three recommend a slow approach and a wait of five to 10 years before the stock sees a steady rise. That makes the listing-day price a poor anchor for sizing a position.
The range sits near SpaceX's $1.77 trillion IPO, which raised $85.7 billion and was described by WealthManagement.com as record-setting. Anthropic's May Series H round valued the company at $965 billion, putting the new range roughly 55% to 110% above that mark five months later.
Glenn pointed to a crowded field of AI names as one reason the reception is cooler. “People know OpenAI, people know Anthropic, but they probably know it more as their end tool, which is Claude,” he said. Poodiack cited the absence of an “Elon effect.” Glenn also said it may be too early to gauge the true level of client interest.
Product issuers are already moving: Direxion has filed for a pair of 2x leveraged Anthropic ETFs, ANTO and ANTD, that would offer daily leveraged exposure once Anthropic lists on Nasdaq under ANT, as Private Wealth Daily previously reported. That would put a daily-reset product on the shelf while clients are being told to think in five-year blocks, a gap that surfaces in suitability conversations.
The filing prices Anthropic 55% to 110% above its May mark
Valuation, $B: the May funding round, the two ends of the IPO range, and SpaceX's completed IPO
- Anthropic IPO, high end$2K
- SpaceX IPO$1.8K
- Anthropic IPO, low end$1.5K
- Anthropic, May round$965B
Show as table
| Item | Value ($B) |
|---|---|
| Anthropic, May round | $965B |
| Anthropic IPO, low end | $1.5K |
| Anthropic IPO, high end | $2K |
| SpaceX IPO | $1.8K |
People know OpenAI, people know Anthropic, but they probably know it more as their end tool, which is Claude.Brian Glenn, CIO at Premier Path Wealth Partners
Reported by the Products & portfolios desk from WealthManagement.com, Private Wealth Daily Deal Tracker and Private Wealth Daily archive: Direxion files for 2x Anthropic ETFs ahead of IPO. Published . Corrections