Anthropic has tapped JPMorgan Chase to lead sales of shares to individual investors in the United States in its initial public offering, according to people familiar with the matter. Bloomberg News reported the appointment on Tuesday, 27 October 2026. The company behind the Claude artificial intelligence system filed publicly for an IPO on Monday, 26 October 2026. That filing marked the first listing by Anthropic, a company focused mainly on building advanced AI models. Goldman Sachs and Morgan Stanley are leading the overall offering.
The retail portion of the deal is still under discussion. People familiar with the matter said Anthropic has weighed a retail offering of about 15% to 20% of the shares available in the IPO overall. That share could change as talks continue. JPMorgan chief executive Jamie Dimon is expected to take part in the bank’s campaign to reach retail buyers, one person said. Representatives for the company, JPMorgan and Citigroup declined to comment, Bloomberg News reported.
Citigroup is set to coordinate the international retail offering, according to the same reports. The IPO filing covers offerings in Australia, Canada, Japan, certain European Economic Area countries, Switzerland and the United Kingdom. JPMorgan is also coordinating outreach to high net worth investors, private banking clients and broker platforms. That work sits alongside the main institutional sale led by Goldman Sachs and Morgan Stanley.
Anthropic filing and listing plans
Anthropic formally started its path to the public markets by filing a registration statement with the US Securities and Exchange Commission on 26 October 2026. The filing lists Class A common stock for listing on Nasdaq under the ticker symbol ANT, according to a report on the filing. The underwriting group includes about 22 banks. Goldman Sachs sits in the lead underwriter seat, while Morgan Stanley is the stabilisation agent for trading after the debut.
JPMorgan and Citi also appear among the significant underwriters in the filing. The new Anthropic retail role gives JPMorgan a distinct job within that group. A retail offering is the part of an IPO aimed at individual investors rather than pension funds, hedge funds and other institutions. Naming a dedicated lead for that slice signals that Anthropic wants individual buyers to have access to the sale, rather than leaving the deal to institutions alone.
Investors have told bankers on the deal that their estimate of a fair valuation has shifted to around 1.4 trillion dollars to 1.5 trillion dollars, Bloomberg News reported. A valuation closer to 1.75 trillion dollars is potentially achievable, according to the same report. The company was last valued privately at 965 billion dollars. Those figures are estimates from investors speaking to bankers, not a price set in the filing.
Anthropic retail share and JPMorgan role
JPMorgan is reprising a role it holds in another large IPO. The bank is leading the effort to gather retail orders for SpaceX’s 86.2 billion dollar IPO, which saw more than 100 billion dollars of demand from individual investors, Bloomberg News reported. That experience is relevant because a retail campaign for a large technology offering needs broker platforms, private banking channels and a clear timetable for orders. JPMorgan will need to run the same kind of outreach for this deal.
The retail share under discussion, at 15% to 20%, would be a large slice of a very large offering. If the final valuation lands near the investor estimates, even a fifth of the deal would run into tens of billions of dollars. That scale explains why the company and its banks are spending time on how retail orders are collected and allocated. It also explains why the share is not yet fixed. Deliberations are ongoing, and details could change before the sale is priced.
What comes next for the offering
The next steps in the process are set by the IPO timetable. Anthropic and its banks will market the shares to institutions and retail buyers, set a price range, and then price the deal. The retail campaign led by JPMorgan in the United States and coordinated by Citigroup abroad will run in parallel with that marketing. The Anthropic filing gives the legal basis for the sale, but the price and the final retail share remain to be settled.
No date for pricing has been published in the reports on the JPMorgan appointment. Anthropic filed on 26 October, the retail appointment was reported on 27 October, and the international retail coordination role for Citigroup was reported at the same time. Those are the confirmed steps so far. Further details, including the price range and the final retail allocation, will come from the company and its banks as the offering proceeds.