Anthropic Opens Australian Retail Offer for Its Planned Nasdaq IPO

Anthropic’s Australian retail share offer opened at 10:00 a.m. AEDT on November 11, 2026, with participating broker Stake setting a US$500 minimum application. The offer lets eligible individual investors request Class A shares before the company’s planned Nasdaq listing.

Eligible Stake customers with a Wall St account can apply through the Anthropic page in the Stake app or website. Requests are submitted in US dollars, can be as large as US$50 million, and are limited to one active application per account.

Stake holds the requested amount in the customer’s Wall St account until allocations are confirmed, and applicants may receive all, some or none of it. Customers can cancel before the window closes at 5:00 p.m. AEDT on November 17, 2026; changing an amount requires cancellation and resubmission, with no changes allowed afterward.

Authorized Access and Offer Structure

Anthropic’s international retail broker guidance places Stake within a named Australian group that also includes Bell Potter, CommSec, Macquarie and Sharesies. No other firm or platform is authorized in Australia to offer, or advertise access to, the proposed retail shares.

The Australian component is expected to use newly issued Class A common shares, with applications handled through participating brokers. Anthropic has applied to list the shares on the Nasdaq Global Select Market and will not seek an Australian Securities Exchange listing.

The retail window sits within the broader proposed transaction. Anthropic’s November 10, 2026 roadshow announcement covers 825 million Class A shares at an expected $70 to $78 each: approximately 801.4 million from the company and 23.6 million from existing stockholders. Anthropic will receive no proceeds from the stockholder portion. It also expects to grant underwriters a 30-day option to buy up to 123.75 million additional shares.

Pricing Timeline and Business Metrics

Anthropic’s IPO timetable calls for final pricing on November 18, 2026 EST, subject to regulatory clearance, and public trading on November 19, 2026 EST. Shares purchased in the IPO will use that offering price; purchases after trading begins will use the prevailing market price.

On the same site, Anthropic reports third-quarter 2026 revenue of $17.0 billion, with revenue more than 12 times its year-earlier level. More than 11,900 customers each generated at least $100,000 in trailing-12-month revenue as of September 30, 2026.

The company reports a 15% adjusted operating margin, a non-GAAP measure, alongside a negative 3% operating margin for the quarter. Its $23.3 billion net loss includes a $21.9 billion non-cash charge for fair-value changes in convertible notes and other financing instruments, driven by an increase in the company’s valuation. That charge is central to interpreting the bottom-line loss beside the positive adjusted margin.

Anthropic also reports a greater-than-fourfold gain in compute efficiency since the first quarter of 2025, measured by comparing revenue divided by compute and infrastructure expenses in the third quarter of 2026 with the same ratio in the first quarter of 2025.

Those figures form the financial picture presented to prospective investors during the application window. For Stake applicants, the practical consequence is that requests become final on November 17, before the expected November 18 pricing and without any assurance of how many shares, if any, they will receive.